15 CAR § 94-106 – Capital needs assessment | Midpage
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15 CAR § 94-106
Capital needs assessment
Arkansas Code § 15-5-207
(a) All rehabilitation developments applying for Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds must submit a capital needs assessment that includes a:
(1) Thorough description of the work that is needed to fully rehabilitate the development; and
(2) Reasonable estimation of the costs for each type of work necessary to be performed.
(b) Applicant must submit a statement agreeing to implement all recommendations and the scope of work described in the capital needs assessment.
(c) All rehabilitation developments applying for FAF/BMIR funds must evidence that a minimum of fifteen thousand dollars ($15,000) (cumulative from all sources of funding) will be expended on rehabilitation of each unit, i.e., hard costs.
(d) The architect and applicant each must submit an executed Minimum Design Standards Checklist and Certification, which is available on the Arkansas Development Finance Authority’s website.