Walnut Park Estates is a cozy neighborhood located on Emrich Drive near Walnut Street, in Fort Smith, Arkansas. Our community is made up of three-bedroom single-family homes on individual lots. Each house is approximately 1,200 square feet with a private attached garage, front porch and back patio.
Each home features ENERGY STAR rated appliances including a stove with vent hood, refrigerator, dishwasher, disposal, microwave oven, washer and dryer hook-ups and ceiling fans. The exterior is constructed of brick and/or vinyl siding.
Our community offers many amenities including a playground area, a picnic area with BBQ grill, and a community facility exclusively for residents.
The Walnut Park Estates 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 six houses available for lease at market rate.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Fort Smith but actual income limits may differ for units at Walnut Park Estates, Phase II.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$21,250||$24,300||$27,350||$30,350||$32,800||$35,250||$37,650||$40,100|
|Low Income (60%)||$25,500||$29,160||$32,820||$36,420||$39,360||$42,300||$45,180||$48,120|