The Little Rock Board of Directors has approved an application, prepared by Barrett Allen for HOME Program funds by the University District Development Corp., providing $200,000 to fund partially the costs of acquiring, repairing, and reselling three units of existing housing and the construction of three new houses.

All six properties will be within the University District area east of University Avenue. Total cost for the six units will be approximately $700,000 with the balance of funds coming from private lenders and the UDDC.

The City receives HOME Program funds annually from the U. S. Department of Housing and Urban Development and disperses them to qualified nonprofit organizations and private contractors to expand the city’s supply of affordable housing. The UDDC Board of Directors and staff began immediately to implement the project and anticipate selecting the first two properties for acquisition/rehabilitation this summer.

The project also provides subsidies for qualified first-time homebuyers to aid in purchase of the six houses. Qualified buyers are those who have good credit ratings and whose income is 80 percent median family income or lower. Median family income for a family of four in Little Rock was $46,300 in 2008.

Persons interested in purchasing affordable housing funded through this program can call the UDDC at 501.683.7356.