15 Ark. Code of Rules § 94-110
Compliance
Operative Text
15 CAR § 94-110. Compliance. (a)(1) Recipients shall be monitored by the Compliance Department of the Arkansas Development Finance Authority at a minimum of once every three (3) years. (2) Continuing requirements on recipients will include, but not be limited to, maintaining file documentation to confirm tenant income and rent as well as maintenance of property and units to the standards applicable at the time of approval by the Board of Directors of the Arkansas Development Finance Authority. (b) Recipients must provide annually a written report certifying, under penalty of perjury, that persons and families assisted with Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds meet the criteria to receive FAF/BMIR assistance, i.e., income certifications of tenants.
Under 15 Ark. Code R. pt. 94 § 94-110, organizations that receive certain housing assistance funds from the Arkansas Development Finance Authority (ADFA) are subject to ongoing compliance obligations. At minimum, the ADFA Compliance Department must monitor these recipients at least once every three years. Recipients are also required to maintain documentation verifying tenant income and rents, keep properties and units up to applicable standards, and submit an annual written report—certified under penalty of perjury—confirming that assisted tenants meet the eligibility criteria for FAF and BMIR funding.
Plain English — not legal advice.
Property owners and managers who receive FAF or BMIR funds through the Arkansas Development Finance Authority should be aware that § 94-110 establishes a continuing compliance framework. Compliant operators generally maintain thorough tenant income and rent documentation, keep properties and units in the condition required at the time of Board approval, and submit annual written certifications—signed under penalty of perjury—attesting that all assisted households meet program eligibility requirements. Operators can also expect periodic on-site or administrative monitoring by the ADFA Compliance Department at least once every three years.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Tenants living in housing supported by FAF or BMIR funds have an interest in knowing that § 94-110 requires their landlord or property manager to document and certify their income eligibility on an annual basis. This provision also obligates the property owner to maintain the units and property to the standards that were in place when the project was approved by the ADFA Board of Directors. Tenants who believe these requirements are not being met may consider contacting the Arkansas Development Finance Authority's Compliance Department directly or reaching out to a local tenant-rights organization for general guidance on available options.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated October 22, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
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