For eligible borrowers, these programs can greatly reduce the out-of-pocket expense of homebuying. Affordable Rental Housing Development Our programs support the construction and preservation of affordable housing in Arkansas. Gross Rent Floor Election. Transfer of Ownership Request Checklist. Final Development Sources 1. Final Development Costs Final Cost Certification Requirements 1. Excel Format. Ownership Transfer Letter.
Attachment 1 - Criminal Background. Attachment 2 - Conflict of Interest. Attachment 3 - Contract and Grant Disclosure. Attachment 4 - Request for Information. Multi-Family Application Workbook. All funding requests for multi-family housing use the same application and forms. Personal Financial Statement. NSP Quarterly Reports. IRS Guide. HUD HOME Program. Technical Guide To Determine Income. Please view HUD Website for updates.
Trust Account Verification. Note trust accounts can be income or assets. Real Estate Asset Worksheet. Used by manager to show real estate calculations. Real Estate Verification. Suggest also printing up values from zillow.
Life Insurance Verification. Investment Account Verification. Use this to verify mutual funds, annuities, IRA, K, etc. Bank Account Verification.
Use this to verify bank accounts such as savings, checking, CD. Social Security Verification. Pension Verification. Unemployment Benefit Income Verification. This can be used by a 3rd party making payments. Court Verification of Child Support or Alimony. Use to verify child support or alimony through the court system. Self Employed Income Affidavit. Gift Income Verification. Year to Date Clarification.
Use this when annualized YTD pay does not closely match projected pay data provided by employer. Unable to Obtain 3rd Party Verification. Used by manager to document file with efforts to obtain 3rd party verification. Employment Verification. Revised in as a fillable form with additional questions. Live In Aide Verification. Use to obtain medical verification for the need of a live in aide. Live In Aide Affidavit. Used by a tenant with a live in aide.
Make sure to also obtain medical verification of this. Marital Status Affidavit. Use for anyone divorced, separated, widowed, or estranged from their spouse. Custody and Child Support Affidavit. Seasonal Work Affidavit. Use this for any tenant employed in a seasonal capacity.
Unemployed Status Affidavit. Use this for any adult tenant with no job. Note form was revised in with added questions. They may itemize deductions and use Form "Mortgage Interest Credit" to claim credit. The borrower can receive immediate benefit from the MCC Program by going to their employer and filing a revised W-4 Federal Tax Withholding Form to increase their exemptions.
This will reduce the Federal tax withholdings and increase the borrower's monthly take-home pay. Program Guidelines Tax Credits may be provided to owners of residential rental developments providing low-income housing units. The credits are taken annually for a term of ten years beginning with the tax year in which the development is placed in service or the following year. Developments must be conventionally financed and reserved for low-income residents of newly constructed or substantially rehabilitated developments.
All developments receiving tax credits must comply with income and rent limitations for a minimum of 30 years.
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