Views of Responsible Officials and Planned Corrective Actions:
Fayetteville Housing Authority provides affordable housing opportunities in Fayetteville, Arkansas and Northwest Arkansas. This service area has the most expensive housing market in the state with housing prices increasing faster than wages. COVID-19 has impacted many the ability of FHA Development, Inc. residents to make rental payments on time or in full. As a result, FHA Development, Inc. does not have the financial resources to repay the receivable funds in full and doing so would create a situation in which FHA Development, Inc could no longer operate and create a noticeable gap in affordable housing services in the organizations service area. FHA Development, Inc will repay the balance owed in monthly installments of $150 per month until the balance due is paid in full. Responsible Party: Audra Butler, Interim Deputy Director. Timeline: Repayment agreement approved by FHA Development Board of Directors 12/15/2021.