Properties

Arrington Estates of West Memphis

West Memphis, AR

Property Type:
Single Family
Total Development Cost:
$5,555,103.00
Financing Structure:
Conventional
LIHTC Units:
48
AMI:
40/60 & 5/30
Market Rate Units:
12
Completion Date:
2005

Arrington Estates Subdivision is located on Rainer Road in West Memphis, Arkansas. The subdivision consists of 60 three-bedroom single-family houses on individual lots. Each three-bedroom house is between 1,145 and 1,250 square feet plus a two car garage. There is also one office/recreation building located on site.

Each house is equipped with a stove, refrigerator, vent hood, dishwasher, disposal, microwave oven, central heat and air conditioning, washer and dryer hook-ups, ceiling fans. All of the appliances are electric. The exterior construction is brick and/or vinyl siding.

The property includes a community building which is for the exclusive use of the residents.

The Arrington Estates Subdivision was built to cater exclusively to large families. The rent structure of the property is governed by IRS Section 42 Rules and will be restricted to residents earning at or below 60% of the area median income. An additional twenty percent of the property is further restricted to residents earning at or below 50% of the area median income for deeper targeting. There are also 12 units available for lease at market rate.

Preference is shown to qualified residents that are on the Public Housing Authority’s waiting list. It is anticipated that at the end of the compliance period the houses will be offered for homeownership.