15 Ark. Code of Rules § 86-201

15 CAR § 86-201. Reviews.
(a)(1) Fundamental requirements include the following:
(A) The project must be residential rental property;
(B) The owner must establish and maintain a minimum set-aside of units that will be available to and occupied by low-income tenants;
(C) Tenant eligibility must be properly documented;
(D) Rents must be affordable to low-income tenants;
(E) Habitability standards must be maintained; and
(F) The residential rental units must be available for use by the general public in a nondiscriminatory manner.
(2) Additional requirements may also apply.
(b)(1) After a qualified development has been placed in service, the Arkansas Development Finance Authority will initiate compliance monitoring reviews.
(2) The authority’s staff will audit each development:
(A) Within one hundred eighty (180) days following the first taxable credit year; and
(B) One every three (3) years throughout the compliance period.
(3) The authority’s staff will:
(A) Conduct on-site inspections of all buildings in the project; and
(B) Randomly select a minimum twenty percent (20%) of tax credit units and tenant files for review.
(4) During the initial review, staff will audit forty percent (40%) or more of the tax credit units to confirm satisfaction of the minimum set-aside selection.
(c) The authority’s staff will contact the owner or manager to schedule the on-site inspections, which will include the following reviews:
(1) Record keeping;
(2) Fair housing;
(3) Tenant files; and
(4)(A) Uniform Physical Conditions Standards for Buildings, Units, and Common Areas and the authority’s design standards.
(B) See 15 CAR § 86-205.