15 Ark. Code of Rules § 91-111

15 CAR § 91-111. Compliance with national Housing Trust Fund regulations.
(a)(1) Each eligible recipient must certify that housing units assisted with national Housing Trust Fund (HTF) funds will comply with all HTF requirements.
(2) The certification must include:
(A) The number of units in an HTF-assisted project by income group:
(i) ELI;
(ii) VLI;
(iii) Moderate income; and
(iv) Above-moderate income;
(B) A statement declaring that all tenants of an HTF-assisted development meet the income limits as required by relevant program guidelines; and
(C) A statement declaring that recipient will comply with rent limits, determined to be no more than thirty percent (30%) of the area median income.
(b)(1) Arkansas Development Finance Authority staff will monitor each HTF project on-site at least once prior to the completion of the project and at least once every three (3) years through the entire affordability period.
(2) The authority will review for compliance with:
(A) The HTF plan;
(B) Eligibility requirements;
(C) Housing construction standards, 24 C.F.R. § 93.301;
(D) Rent reasonableness;
(E) Affirmative outreach, 24 C.F.R. § 93.350;
(F) Tenant protections and selection, 24 C.F.R. § 93.303;
(G) Fair housing; and
(H) Financial management.
(3) The authority’s project compliance guidelines may be found at: http://adfa.publishpath.com/Websites/adfa/images/Compliance_Monitoring/2014_-_2015_Compliance_Montioring_Policies_and_Procedures_Manual_for_the_LIHTC_ Program.pdf and http://adfa.publishpath.com/compliance-and-monitoring-forms.
(c)(1) After each monitoring visit, written correspondence will be sent to the HTF recipient describing the results of the review in sufficient detail to clearly describe the areas that were covered and the basis for any conclusions reached.
(2) Monitoring determinations will range from “acceptable” to “findings” with appropriate corrective measures imposed.
(3) Corrective measures may include:
(A) Certifications that inadequacies will be resolved;
(B) Documentary evidence that corrective actions have been instituted; or
(C) Reimbursement of disallowed costs.