- (a) Applications or proposals for use of Arkansas Housing Trust Fund resources for development or redevelopment activities may not provide for fewer than five (5) affordable housing units.
- (b) All applications or proposals for use of Arkansas Housing Trust Fund resources must be accompanied by a letter of support from the chief elected official or a majority of the members of the elected governing board or council of the jurisdiction where the affordable housing is to be located.
- (c) All applications or proposals for use of Arkansas Housing Trust Fund resources for development or redevelopment activities must include a current market study, compiled by an Arkansas Development Finance Authority-approved market study provider, or a housing needs assessment, preapproved by the authority, dependent upon the application or proposal submitted, evidencing the need for the affordable housing units proposed.
- (d) Relative to all applications or proposals for use of Arkansas Housing Trust Fund resources for development or redevelopment activities, all contractors and eligible subcontractors must be in good standing and have an active contractor’s license issued by the Contractors Licensing Board.
- (e) Per-project allocation maximum for development or redevelopment activities shall not exceed the applicable maximum per-project allocation of a similar authority program.
(f)
- (1) Per-unit allocation maximum for development or redevelopment activities shall not exceed the applicable maximum per-unit allocation of a similar authority program.
- (2) For affordable housing nonconstruction activities, the per-unit allocation maximums will not apply.