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This document is an application for the HOME Tenant Based Rental Assistance Program provided by the Arkansas Development Finance Authority. It contains instructions for submitting the application,
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How to fill out ARKANSAS DEVELOPMENT FINANCE AUTHORITY (ADFA) HOME PROGRAM

01
Obtain the application form from the Arkansas Development Finance Authority (ADFA) website.
02
Read the program guidelines carefully to ensure eligibility.
03
Fill out the application form with accurate personal and financial information.
04
Gather required documents, such as income verification and identification.
05
Submit the completed application and documents to the ADFA office, either online or by mail.
06
Monitor the application status by contacting the ADFA or checking online.

Who needs ARKANSAS DEVELOPMENT FINANCE AUTHORITY (ADFA) HOME PROGRAM?

01
Low to moderate-income families seeking affordable housing options.
02
Individuals or families looking to purchase their first home.
03
Those needing financial assistance for home repairs or renovations.
04
Nonprofit organizations involved in affordable housing development.
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The StartSmart First-Time Homebuyer Loan Program by ADFA harnesses the power of IRS tax-exempt mortgage revenue bonds to bring you substantial savings on your home purchase.
Arkansas first-time homebuyer qualifications Have a minimum 640 credit score. Buy a home worth below $424,100 (varies by program) Earn less than $124,040 annually (depending on program county and household size) Use the home as a primary residence.
To qualify for Arkansas first-time homebuyer programs, applicants typically must: Be a first-time homebuyer. Have a minimum 640 credit score. Buy a home worth below $424,100 (varies by program) Earn less than $124,040 annually (depending on program county and household size) Use the home as a primary residence.
Lenders also use your credit scores to help set your interest rate and other loan terms. Most conventional mortgages require first-time homebuyers to have a minimum credit score of 620 for approval.
The Arkansas Homeowner Assistance Fund (HAF) is a federally funded program helping Arkansas residents who are behind on their mortgages, electricity, gas and/or internet payments.
Here are some general FHA loan requirements: A credit score of 580 or higher: A lender may accept credit scores of 500 to 579 under certain conditions. However, a credit score lower than 580 will require a larger down payment, typically 10%.
ADFA has programs that not only help Arkansas first time homebuyers with down payment assistance, but they also offer a below market interest rate mortgage loan with a lower monthly payment making purchasing a home more affordable.

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The Arkansas Development Finance Authority (ADFA) HOME Program is a federal assistance program that provides funding for affordable housing initiatives, including the construction, rehabilitation, or purchase of single-family homes for low-income families.
Organizations and entities that receive HOME Investment Partnerships Program funding from the ADFA are required to file, including local governments, nonprofit organizations, and for-profit developers involved in affordable housing projects.
To fill out the ADFA HOME Program application, you need to complete the required forms provided by the ADFA, include all necessary documentation such as project plans, budgets, and applicant information, and submit it according to the guidelines outlined on the ADFA website.
The purpose of the ADFA HOME Program is to provide financial assistance to create and preserve affordable housing for low-income households, enhancing homeownership opportunities and improving the quality of housing across Arkansas.
Entities must report project details, funding allocations, beneficiary information, compliance with affordability requirements, and program outcomes to the ADFA as part of their participation in the HOME Program.
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