Arkansas Code Title 26. Taxation § 26-26-1206. Housing for elderly person or person with a disability

(1) “Elderly person” means a person sixty-two (62) years of age or older and the spouse of that person;

(2) “Equity” means the market value of the housing less any mortgage indebtedness to the United States;

(3) “Housing” means structures consisting of eight (8) or more residential units for occupancy and use by an elderly person or a person with a disability, including essential contiguous land and related facilities, as well as all personal property of the corporation or association used in connection with the facilities;

(4) “Nonprofit corporation or association” means any corporation or association incorporated under the laws of this state not otherwise exempt from general ad valorem, real, and personal property taxes, operating a housing facility or project qualified, built, and financed by the United States under § 202 of the National Housing Act of 1959, as amended, 12 U.S.C. § 1701q; and

(5) “Person with a disability” means any adult having an impairment which is expected to be of long, continued, and indefinite duration; is a substantial impairment to his or her ability to live independently; and is of a nature that such ability to live independently would be improved by more suitable housing conditions and shall include an adult who is a person with a developmental disability.