Nevada County Picayune and Gurdon Times Newspaper Archive

Buy Down Program Underway

Applications for an equity buy down program are now available in Clark County.

State Rep. Percy Malone, who is also the chairman of the Arkadelphia 2025 Commission, said, at a recent press conference, applications an be picked up at the Commission office, at 6th and Clay streets.

The 2025 Commission has been working with the Department of Housing and Urban Development (HUD), along with the Arkansas Development Finance Administration (ADFA) on the program.

The Equity Buy Down Program is to assist in the redevelopment of neighborhoods lost in the March 1, 1997, tornado. It is the first program of its kind, and will offer an equity buy down of up to 30 percent, or $20,000 per single family home to families wishing to rebuild or to build in the tornado-affected area. However, they must be willing to make a commitment of seven years.

The program takes into consideration the tremendous loss suffered by homeowners affected by the tornado. It is projected, according to a release from the 2025 Commission, this $680,000 grant will help in the funding of up to 45 new single-family housing units.

During the first 60 days of the program (June 1 through Aug. 1), only owner-occupancy applications will be accepted. Preference will be given to individuals who lost their homes in the twisters.

After the first 60 days, applications from rental unit developers will be taken. Again, preference will be given to those developers who lost property in the storms, and agree to sell property for owner occupancy projects.

"This long awaited program should be the spark we need to provide quality, energy efficient housing for our citizens," Malone said. "We feel confident, with this financial assistance, many families will realize their dream of home ownership and our community will be one step closer to a full recovery."