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ARKANSAS DEVELOPMENT FINANCE AUTHORITY APPROVES ISSUANCE OF $41M IN TAX-EXEMPT BONDS FOR TOWERS PROJECT

Little Rock, AR– On August 16, 2018, as a final step in the Housing Authority of the City of Little Rock, Arkansas d/b/a Metropolitan Housing Alliance’s (“MHA”) $100M RAD “Redevelopment in the Rock” Initiative, the Arkansas Development Finance Authority (“ADFA”) approved the issuance of $41M in Multifamily Tax-Exempt Bonds for Phase III of the MHA initiative.

The approval completes the funding sources for redeveloping three historic properties, “The Towers”. The properties contain 597 high-rise apartment units consisting of 428 Elderly rental units and 169 Family rental units.

The total redevelopment cost of The Towers is $70.2M. The $41M ADFA approval is allocated as follows among the properties:

  • $12M for the Jesse Powell Tower Project RAD Conversion Project
  • $16M for Fred Parris Towers RAD Conversion Project
  • $13M for the Cumberland Tower RAD Conversion Project

Other capital sources are being provided by the following project participants: Royal Bank of Canada Capital Markets, Freddie Mac (Walker & Dunlop), Fallbrook Credit Finance, ADFA NSP Funds and MHA Capital Funds.

MHA develops, owns and operates quality affordable and accessible housing that provides assistance to citizens of Little Rock, Arkansas utilizing various federal, state and local programs.  Currently, MHA owns 848 public housing units, 200 affordable housing units, 158 market-rate units, administers 2083 Housing Choice Vouchers 179 VASH Vouchers, 54 Project-Based Vouchers and operates two homeownership programs.

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