Rainer Village

West Memphis, AR

Property Type:
Single Family
Total Development Cost:
Financing Structure:
HOME Funds, Conventional
LIHTC Units:
40/60 & 5/30
Market Rate Units:
Completion Date:
Energy Star Partner

Rainer Village Subdivision is a 40-unit property located on Rainer Road, in West Memphis, Arkansas. The subdivision consists of 40 three-bedroom single-family houses on individual lots. Each house is approximately 1,180 square feet plus a garage, front porch and back patio.
Each house is equipped with a stove, vent hood, refrigerator, dishwasher, disposal, microwave oven, central heat and air conditioning, washer and dryer hook-ups and ceiling fans. All of the appliances are ENERGY STAR rated. The exterior is constructed of brick and/or vinyl siding.
The property includes a playground area, a walking trail, and a community facility all for the exclusive use of the residents.
The Rainer Village Subdivision was built to cater exclusively to large families. The rent structure of the property is governed by the IRS Section 42 rules and is restricted to residents earning at or below 60% of the area median income. An additional five percent of the property is further restricted to residents earning at or below 30% of the area median income for deeper targeting. There are also eight houses 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.