This is a Reasonable Development form. The assignee shall drill all additional wells necessary to develop the leases and the land they cover, necessary to protect them from drainage, as would a reasonably prudent operator; provided, however, without limitation of the foregoing, assignee shall drill all development, protection, or offset wells which may be required under the terms and provisions of the oil and gas leases on the lands, to the depths assigned.
Arkansas Reasonable Development
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Multi-State
Control #:
US-OG-507
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Word;
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FAQ
The LIHTC gives investors a dollar-for-dollar reduction in their federal tax liability in exchange for providing financing to develop affordable rental housing. Investors' equity contribution subsidizes low-income housing development, thus allowing some units to rent at below-market rates.
Income Limits for Section 8 Housing in Arkansas In Little Rock in 2021, for example, the income limit for a family of four is $28,150 for very low-income households and $45,050 for low-income households. Income limits for Section 8 housing in Arkansas are calculated annually by HUD based on the area's median income.
Arkansas allows credits for taxes paid to another state by its residents. This credit is available only when Arkansas and the other state both seek to tax the same income and is only allowable for income taxes. Arkansas also allows a childcare credit equal to 20 percent of the federal credit.
The LIHTC program is an important resource for creating affordable housing in Arkansas, as well as the state's primary means of drawing private capital toward the acquisition, rehabilitation, or construction of rental housing for lower-income households.
Many types of rental properties are LIHTC eligible, including apartment buildings, single-family dwellings, townhouses, and duplexes. Owners or developers of projects receiving the LIHTC agree to meet an income test for tenants and a gross rent test.
