Ark. agency lends nearly $18M for 200-plus homes

Associated Press - November 20, 2009 6:54 PM ET

LITTLE ROCK, Ark. (AP) - Housing agencies and developers in five Arkansas cities will get nearly $18 million in loans from the Arkansas Development Finance Authority to build more than 200 homes for low-income households.

The no-interest loans approved Thursday by the ADFA board will go to help finance housing developments in Little Rock, North Little Rock, Fort Smith, Fayetteville and Rogers.

The money is to be used to help neighborhoods destabilized by housing foreclosures and abandonment, according to a news release.

The release provided this information about the five projects, including total loan amounts:

$4.7 million to Leisure Homes in Rogers for 50 units in a multifamily project.

$7.7 million to ALS Management LLC, 136 multifamily units in Fayetteville.

$1.3 million to the Fort Smith Housing Authority, eight single-family units.

$2 million to the city of North Little Rock-Argenta CDC, 13 single-family units.

$1.8 million to Reed Property LLC, 30 single-family units in Little Rock.