Agenda Highlights 8/9/22

The Fort Smith Board of Directors study session meeting scheduled for 8-9-22 will include a discussion about options for advising residents of assistance from the City and other agencies and organizations. The Executive Director of the local United Way will be involved in the discussion.

The Board will also hear an update from the Fort Smith Housing Authority. In 2021, the FSHA rental assistance program served 1500 families in Sebastian County and paid $6.8 million in rental assistance to landlords. The average rent payment for participants in the program is $211.73 and the average assistance payment is $358.89. Top challenges faced by the program are the length of the waitlist, declining landlord participation, rapidly rising rents, and limited availability of suitable units.

The FSHA owned rental housing program includes 482 units in 6 developments. There are plans for an additional 56 apartments to be constructed this year and 58 townhomes to be constructed in 2025-2026.

The home ownership new construction project serves 4-6 families per year. Top challenges faced by the program are availability and cost of land, limited funding, buyer credit readiness, and challenges in the current labor and construction market.

The rental unit project previously planned for the site of the former Bailey Hill Reservoir has been abandoned and replaced with a plan for home ownership project of 33 buildable lots. At least 23 of the lots will be reserved for home buyers at or below 80% of the area median income. This project is estimated to cost $2.5 million.