To promote economic growth in Arkansas by providing and supporting financing for affordable housing, agricultural business enterprises, industrial and economic development, capital improvement for state agencies and local governments, higher education funding and related programs.
Relationship to the State Government: Public Body Politic and Corporate
Current Staff Size: 43Visit ADFA's Website
ADFA is established
Low Income Housing Tax Credit Program established
ADFA received its initial allocation of HOME Investment Partnerships Program
Rolled out “non-bond” low-cost mortgage products
ADFA created the ADFA Outreach Team
ADFA Homeownership and Downpayment Assistance Program
Saving enough to buy a home is the number one impediment to homeownership. The ADFA Down Payment Assistance Program (DPA) can provide up to $10,000 for down payment and closing cost assistance. ADFA’s Down Payment Assistance (DPA) Loan is a second mortgage with a 10-year term. It carries the same interest rate as the “ADFA Move-Up” first mortgage Loan Program.
Single Family Mortgages Since 2012: 6,200
ADFA is committed to leveraging existing programs to meet the needs of affordable housing in rural areas, specifically workforce housing. ADFA is also focused on increasing homeownership through the availability of additional down payment assistance programs for first time homebuyers.
Matison “Mattie” Wood
Mattie Wood, an anesthesia assistant at a hospital in Little Rock, is a single Mom with two young children. She was renting an apartment, but wanted to find a home with a back yard for her kids to play. A friend told Mattie about ADFA’s down payment assistance program. “At first I was really discouraged, ” said Mattie. “I thought I can’t get a house since I’m not married.” In addition to becoming a new homeowner, Mattie’s mortgage payment is less than what she was paying in rent.