- (a) The national Housing Trust Fund (HTF) is a new affordable housing production program that will complement existing federal, state, and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low-income (ELI) households, which are those at or below thirty percent (30%) of area median income .
- (b) Per 24 C.F.R. § 93.250(a), in any fiscal year in which the total amount available for allocation of HTF funds is less than one billion dollars ($1,000,000,000), the Arkansas Development Finance Authority will use one hundred percent (100%) of its HTF grant for the benefit of ELI families or families with incomes at or below the poverty line, whichever is greater.
(c) As specified in its enabling legislation, grantees, like the authority in its role as the designated administrator of HTF funds for the State of Arkansas:
- (1) Must use at least eighty percent (80%) of each annual grant for rental housing;
- (2) May use up to ten percent (10%) of each annual grant for homeownership housing; and
- (3) May use up to ten percent (10%) of each annual grant for the grantee’s reasonable administrative and planning costs.
(d) All applicable affordability periods must be followed:
- (1) All HTF-assisted rental housing must meet a minimum affordability period of thirty (30) years; and
- (2) All HTF-assisted homeownership housing must meet the minimum affordability period of ten (10), twenty (20), or thirty (30) years based on the amount of HTF funds invested in the unit.