ADFA Approves $5 Million to Assist Low-Income Families Displaced by Recent Flooding



FOR IMMEDIATE RELEASE

ADFA Approves $5 Million to Assist Low-Income Families Displaced by Recent Flooding

LITTLE ROCK, May 18, 2017 - At Governor Asa Hutchinson's request, the Arkansas Development Finance Authority today passed a resolution approving $5 million in HOME Investment Partnerships Program funds to provide Tenant Based Rental Assistance (TBRA) for low-income Arkansans living in one of the 37 counties affected by recent flooding. Applications will be accepted for six months, beginning today, from public housing authorities, city and county government entities, non-profits and for profits, "anyone" that serves the counties designated as flood disaster areas by the State of Arkansas.

"We know these funds can have a big impact on families struggling to recover from the recent floods," said Andrew Branch, vice president of housing at ADFA. "The application process is quick and should take no more than a few days."

TBRA provides vouchers that will subsidize a low-income household's rent for up to 24 months. TBRA funds may be used to pay rent and utilities, security deposits and utility deposits for those eligible and selected for rental assistance. Displaced residents must meet certain income requirements, including earning less than 80% of the area median income. HOME funds are provided by the U.S. Department of Housing and Urban Development (HUD) and administered by ADFA at the state level.

Interested entities should apply for TBRA funds by logging onto ADFA's website at adfa.arkansas.gov where they will find a link directing them to all necessary forms and applications. A list of approved entities will be posted for those seeking assistance. ADFA doesn't provide assistance directly to the individual.

About the Arkansas Development Finance Authority

ADFA is the state's largest source of low-cost financing for low-to-moderate income housing development, small industries, education, health care and public facilities. The Authority also works to build the state's economy by increasing access to venture capital for innovative Arkansas businesses.

Media Contact
Derrick Rose
Public Information Officer
501-682-5904

derrick.rose@adfa.arkansas.gov