Our Vision

Raise the standard of living of Arkansans through direct in-kind assistance, entrepreneurial job creation, improved economic policy, enhanced access to higher education funding, and responsible public finance. Responding to the changing needs of Arkansas' growing and increasingly diverse population and business community since 1985.

About ADFA

ADFA is a public body politic and corporate, created in 1985 as successor to the Arkansas Housing Development Agency created in 1977. ADFA’s enabling legislation authorizes it to borrow money and issue bonds to provide sufficient funding for financing affordable housing, various business and economic development projects, and capital improvements for state agencies. Effective 7/1/2017, Arkansas Student Loan Authority merged with ADFA. Both ADFA and ASLA are self-funded primarily through investment and loan earnings. ADFA also receives federal funds. ADFA is the exclusive issuer of bonds for state agencies. Neither ADFA nor ASLA is a regulatory or licensing agency. ADFA (including ASLA) is governed by a 14-member board of directors, consisting of the Director of DFA, the Treasurer of the State, eleven public members appointed by the Governor, and the President of the Authority (non-voting).

Our Full Strategic Plan

Mission

To promote economic growth in the state of Arkansas by providing and supporting financing for affordable housing, agricultural business enterprises, industrial and economic development, capital improvement for state agencies and local governments, higher education funding and related programs, and by promoting better economic policy.

Board of Directors

A board of directors governs the affairs of the Authority. It is composed of the State Treasurer, Director of the Department of Finance and Administration, and eleven public members appointed by the Governor. The President of the Authority is an ex-officio, non-voting member of the board. The public members represent a broad cross section of interests from all geographic regions of the state. They voluntarily bring to the Authority a diversity of experience, talent and opinion.

STAN GREEN
ADFA CHAIR
President, Clear Energy, Inc. and Lindsey-Green Commercial Properties
Fayetteville, AR
Term expires January 14, 2023
CHERYL SCHLUTERMAN
President
Ex-officio member of the board
KATELYN BUSBY
ADFA VICE CHAIR
Attorney, Office of Child Support Enforcement
Monticello, AR
Term expires January 14, 2020
STEPHANIE GARNER
Chief Executive Officer, ARVAC Inc.
Dardanelle, AR
Term expires January 14, 2021
DENNIS MILLIGAN
State Treasurer for the State of Arkansas
Ex-officio member of the board
SETH N. MIMS
President and Partner, Specialized Real Estate Group
Fayetteville, AR
Term expires January 14, 2020
STEPHEN G. ROSE
Proprietor, Roseland Farms
Blytheville, AR
Term expires January 14, 2020
CAREY SMITH
President, C. Smith Holdings, Inc.
Little Rock, AR
Term expires January 14, 2021
GREGORY STANFILL
Executive VP and Director of Community Banks, Arvest Bank
Rogers, AR
Term expires January 14, 2021
DENISE SWEAT
Vice President, Farm Credit Services of Western Arkansas
Nashville, AR
Term expires January 14, 2022
LARRY WALTHER
Director, DFA
Little Rock, AR
Ex-officio member of the board
Dr. Lillie "Lee" Lane
Engineering Executive (retired)
Paris, AR
Term expires January 14, 2022
GEORGE O'CONNOR
Chairman of the Board, O'Connor Distributing
Little Rock, AR
Term expires January 14, 2023
ROD COLEMAN
Chairman of ERC Holdings LLC.
Fort Smith, AR
Term expires January 14, 2023

Committees

BOARD PROFESSIONAL SELECTION COMMITTEE
  • Katelyn Busby, Chair
  • Dr. Lee Lane
  • Stephanie Garner
  • Carey Smith
  • Stephen Rose
BOARD AUDIT COMMITTEE
  • Carey Smith, Chair
  • George O'Connor
  • Stan Green
  • Greg Stanfill
  • Paul Louthian
BOARD HOUSING REVIEW COMMITTEE
  • Seth Mims, Chair
  • Rod Coleman
  • Greg Stanfill
  • Stephen Rose
  • Stephanie Garner
BOARD INVESTMENT AND ADMINISTRATION COMMITTEE
  • Denise Sweat, Chair
  • Katelyn Busby
  • Dr. Lee Lane
  • Seth Mims
  • Rod Coleman
BOARD ASSET COMMITMENT COMMITTEE
  • Greg Stanfill, Chair
  • Denise Sweat
  • Stan Green
  • George O'Connor
  • Stephen Rose
ASLA (ARKANSAS STUDENT LOAN AUTHORITY) COMMITTEE
  • Stephanie Garner, Chair
  • Denise Sweat
  • Carey Smith
  • Katelyn Busby
  • Stephen Rose