Appraisal fee, market study, etc
Arkansas Code § 15-5-207; Arkansas Code § 15-5-605
(a) The applicant will be responsible for paying all costs incurred in providing the Arkansas Development Finance Authority with:
- (1) A market study;
- (2) An appraisal;
- (3) A construction cost analysis certification; or
- (4) Any other special study in the event such special study is required by the authority.
- (b) The market study must be performed by a market analyst from the authority’s Approved Market Study Firm List.
- (c) The market study must contain all information outlined in Market Study Guidelines for Affordable Rental Housing Program, 15 CAR pt. 97.
- (d) Any market study not meeting these requirements will not meet program threshold requirements for funding.
- (e) The capital needs assessment, if applicable, must be performed by a capital needs assessment firm from the authority’s Capital Needs Assessment Firm – Approved list.