At the request of Arkansas Governor Asa Hutchison, the Arkansas Development Finance Authority (ADFA) is ramping up its effort to increase public awareness of financing available to the state’s residents for affordable housing. Tim Wooldridge is the Director of Outreach for ADFA who, along with President Aaron Burkes and Vice President of Housing Andrew Branch, visited the Twin Lakes Area recently. Wooldridge says a lot of Arkansas residents aren’t aware the organization is the largest provider of down payment assistance in Arkansas.
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Burkes says ADFA is the successor to the Arkansas Housing Development Agency created in 1977 and provides funding for a number of programs.
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According to Burkes, the current main focus of the ADFA is pushing single family home ownership programs to make it easier for Arkansans to get into a home.
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Some of the down payment loans are forgivable, with certain income requirements, other loans are for those who may need downpayment assistance, in the form of a second mortgage. The forgivable loans come from HUD funds for the disbursement of HOME funds. If a person remains in the home for a period of five years, the loan is forgiven.
Branch has information on where to start.
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For information on all the services ADFA provides visit http://adfa.arkansas.gov/.
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