Arkansas Development Finance Authority Announces Per-Unit Cost Cap Increase

Thursday, October 27, 2005 - 1:45am

The Arkansas Development Finance Authority (ADFA) today announced that it increased the per unit cost cap for housing applications receiving low-income housing tax credit (LIHTC) reservations in 2004, 2005 and 2006. As a result of the increase in construction costs due to the recent disasters caused by Hurricanes Katrina and Rita, ADFA’s Board Housing Review Committee instituted the following per unit cap cost increases for those developments receiving LIHTC reservations in: 2004 - $108,000 per unit; 2005 - $120,000 per unit OR $144,000 per unit if an assisted living development or a certified historic structure rehabilitation/preservation development; 2006 - $132,000 per unit OR $158,400 per unit if an assisted living development or a certified historic structure rehabilitation/preservation development.