The Arkansas Development Finance Authority (ADFA) is seeking proposals from qualified firms to administer and oversee the U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant – Disaster Recovery (CDBG-DR) 2025 Single-Family New Construction (SFNC) Program. 

The successful firm must demonstrate direct experience in the design and implementation of CDBG-DR or other HUD-funded housing programs, including housing development, construction oversight, environmental compliance, and long-term recovery program management. Expertise in federal requirements established under 2 CFR Part 200, 24 CFR Part 58, 24 CFR Part 570, and 24 CFR Part 75 will be viewed as an added benefit. 

The selected firm will be responsible for assisting the State in the design and for implementation of all aspects of the Single-Family New Construction Program in alignment with the Arkansas CDBG-DR 2025 Action Plan and the HUD Universal Notice (90 FR 1754, March 19, 2025 as amended). 

REQUEST FOR PROPOSALS – Administration and Implementation of the Single-Family New Construction Program Community Development Block Grant – Disaster Recovery (CDBG-DR 2025) AMENDMENT NO. 1 

LITTLE ROCK, AR – The Arkansas Development Finance Authority (ADFA) Board of Directors today selected Robert “Ro” Arrington as the agency’s next President. Arrington assumes the role immediately, succeeding Mark Conine, who served as ADFA President since May 2021.

“Ro brings exceptional expertise in public finance and a deep understanding of ADFA’s mission,” said Carey Smith, Chair of the ADFA Board of Directors. “His proven leadership and extensive experience make him the ideal choice to guide ADFA as we continue expanding affordable housing and economic development opportunities across Arkansas.”

Arrington has served ADFA since 2014 and most recently held the position of Vice President of Homeownership and Public Finance while serving as Interim President. In this capacity, he oversees all aspects of bond issuance for ADFA—the state’s largest bond issuer—and administers the Single Family Homeownership Program, which closed a record $323.5 million in mortgage loans in 2024.

“I am honored to lead this exceptional organization and continue ADFA’s vital work supporting Arkansas families and communities,” said Arrington. “Our team is dedicated to expanding access to affordable housing, strengthening local economies, and building a brighter future for all Arkansans.”

A former Municipal Securities Principal with over 25 years of public finance experience, Arrington has extensive expertise in all types of municipal bond structures. 

Arrington is a graduate of the University of Arkansas at Fayetteville.

ADFA President Robert “Ro” Arrington

About ADFA

The Arkansas Development Finance Authority is an independent state instrumentality created to issue bonds and provide innovative financing for affordable housing, economic development, education and public infrastructure projects throughout Arkansas. 

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Date: December 4, 2025
Contact: Derrick Rose, Director of Communications
Phone: (501) 682-5904
Email: Derrick.Rose@Arkansas.gov

TO: Tax Credit Recipients and Tax Credit Applicants
DATE: October 16, 2025
FROM: Lori Brockway – Federal Housing Programs Manager John Blackwell – Director of Tax Credits
RE: HOME- Notice of HOME funding availability for 2026 LIHTC applications
_______________________________________________________________________________________________

1. The Arkansas Development Finance Authority (ADFA) hereby notifies interested Applicants of the availability of funds allocated from the HOME Investment Partnerships Program (HOME). The availability and use of these funds is subject to Federal HOME regulations (24 CFR Parts 91 and 92) and any amendments thereto, including the final regulations published by the Department of Housing and Urban Development (HUD) in the Federal Register on or about July 24, 2013, and is further subject to ADFA’s policies and program requirements.

2. ADFA anticipates that approximately three million dollars ($3,000,000) in HOME funds will be available per application, for the 2026 LIHTC applications. ADFA reserves the right to fund, in whole or in part, any, all, or none of the applications submitted in response to this notice. ADFA may also reallocate funds from this MEMO to other projects if it determines that such a substitution is necessary to further its administration of the program.

3. ADFA will not award more than $3,000,000 in HOME funds, per application submitted. ADFA’s award of the HOME funds will be subject to subsidy layering guidelines and underwriting criteria to ensure the project’s success. Eligible Applicants may submit only one application per property. The loan terms for the HOME dollars are as follows:

a. Applicants requesting $100,000 to $2,000,000 will sign a note that will bear interest at one percent (1%), with level amortization and monthly payments over (at the borrower’s election) (a) 20 years, or (b) the development’s LIHTC affordability period (30 or 35 years), in either case with the first payment deferred for one (1) year after the first placed-in-service date.

b. Applicants requesting $2,000,000 to $3,000,000 will sign a note that will bear interest at two percent (2%), with level amortization and monthly payments over (at the borrower’s election) (a) 20 years, or (b) the development’s LIHTC affordability period (30 or 35 years), in either case with the first payment deferred for one (1) year after the first placed-in-service date.

c. DCR cannot exceed 1.40 or loan term will need to be adjusted. d. Any HOME Loan that exceeds $2,000,000, requires that ADFA be in a first position.

4. HOME funds awarded in connection with an allocation of LIHTC will be in the form of a loan, as described in ADFA’s HOME Program Operations Manual and HOME/NHTF Rental guidebook. The loan will be evidenced by a promissory note and secured by a mortgage on the development. The mortgage may be subordinated to a mortgage on the development securing other debt. A number of units in the development equal to the amount of HOME funds awarded with respect to the development divided by the per unit subsidy limits identified in the HOME-Rental guidebook, and rounded up, will be subject to HOME affordability restrictions for a period determined in accordance with the information in the table appearing in the ADFA HOME Program Operations Manual under the heading “LONG-TERM AFFORDABILITY – Affordability Period.” Consistent with past practice, a successful LIHTC applicant’s acceptance of HOME funds will not require the applicant to place that program’s affordability restrictions on units that are not to be under LIHTC restrictions. Rather, that program’s affordability restrictions may be placed on units that will be subject to LIHTC affordability restrictions as well. An applicant who receives both HOME and NHTF money may not, however, use the same unit to satisfy both low HOME and NHTF affordability requirements. Further, as provided in the QAP, applicants who are awarded points for designating at least five percent of a development’s units to serve households whose incomes are 30% or less of the area median income may not use the same units to satisfy low HOME affordability requirements.

To: All ADFA Stakeholders
From: ADFA
Date: September 23, 2025
Subject: 2026 ADFA Board Meeting Schedule Announcement

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Arkansas Development Finance Authority (ADFA) is pleased to announce the official meeting schedule for our Board of Directors in 2026.

As we approach the end of 2025, please note that there are two more regularly scheduled meetings: the ADFA Fall Board Strategic Planning Retreat and Board Meeting on October 15-16, 2025, and the final combined November & December board meeting on December 4, 2025.

Here is the ADFA Board Meeting Schedule for 2026:

• Thursday, January 15, 2026
  
• Thursday, February 19, 2026
  
• Thursday, April 16, 2026
  
• Thursday, May 21, 2026
  
• Thursday, July 16, 2026
  
• Thursday, August 20, 2026
  
• Thursday, October 15, 2026
  
• Thursday, December 3, 2026
  

Please mark your calendars accordingly and stay tuned for updates regarding meeting locations and additional information.

Allocations will spur affordable housing creation and robust construction jobs

LITTLE ROCK, Ark. — The Arkansas Development Finance Authority announced today that it will award $104,962,000 in federal 9% Low-Income Housing Tax Credits (LIHTC) to 10 multifamily housing developments across Arkansas. The 2025 awards are expected to generate about $84.5 million in equity from private investors and support the development of 524 affordable rental units. Approximate total development cost is $110 million.

“As reported by the National Association of Home Builders, constructing 100 rental apartments typically generates 161 local jobs,” stated Rod Coleman, chair of the ADFA Board Housing Review Committee. “Based on this, our developments will create approximately 805 direct and indirect jobs during the 12-to-24-month construction phase. Additionally, ongoing property management, maintenance, and other services will contribute to the creation of 231 full-time positions. This investment represents a substantial commitment to Arkansas’ economy, delivering meaningful returns for the state and its residents.”

The awarded developments are located in eight counties across the state: Grant, Hempstead, Independence, Johnson, Lonoke, Montgomery, Pulaski, and Washington.  Eight of the properties will provide workforce housing for families and two will be built exclusively for senior tenants.

Applicants who receive an allocation of tax credits agree to maintain the development as affordable housing for 30 to 35 years. The properties are monitored for quality and program compliance by ADFA.

“These federal tax credit awards will produce vital affordable housing needed for hard working families and retired Arkansans,” said Mark Conine, ADFA President. “These projects reflect our goal of creating more affordable housing opportunities in every corner of the state.”

2025 Arkansas Low-Income Housing Tax Credit Awardees

Avalon at Clarksville
Location: Clarksville/Johnson County
Total Development Cost: $11,976,435
LIHTC (Federal): $1,221,000
Total Units: 60

Avalon at Hope
Location: Hope/Hempstead County
Total Development Cost: $11,953,761
LIHTC (Federal): $1,221,000
Total Units: 60

Enclave Estates at Batesville
Location: Batesville/Independence County
Total Development Cost: $11,956,054
LIHTC (Federal): $1,221,000
Total Units: 60

Homes at Willow Bend
Location: Fayetteville/Washington County
Total Development Cost: $12,399,999
LIHTC (Federal): $1,193,500
Total Units: 62

Mount Ida Housing
Location: Mount Ida/Montgomery CountyTotal Development Cost: $5,237,691
LIHTC (Federal): $360,800
HOME Funds: $1,125,000
NHTF Funds: $940,000
Total Units: 18

Pine Ridge Place
Location: Little Rock/Pulaski County
Total Development Cost: $12,594,933
LIHTC (Federal): $1,235,300
HOME Funds: $2,000,000
NHTF Funds: $466,486
Total Units: 61

Timber Ridge
Location: Sheridan/Grant County
Total Development Cost: $12,506,556
LIHTC (Federal): $1,201,200
HOME Funds: $1,720,000
NHTF Funds: $1,000,000
Total Units: 60

Villas at Spring Valley (Senior)
Location: Cabot/Lonoke County
Total Development Cost: $9,894,000
LIHTC (Federal): $884,400
HOME Funds: $2,000,000
NHTF Funds: $642,645
Total Units: 46

Waystone Batesville Family
Location: Batesville/Independence County
Total Development Cost: $11,999,930
LIHTC (Federal): $1,188,000
HOME Funds: $2,114,431
NHTF Funds: $379,500
Total Units: 60

Waystone Batesville Senior
Location: Batesville/Independence County
Total Development Cost: $7,852,778
LIHTC (Federal): $770,000
HOME Funds: $1,692,778
Total Units: 40

For more information about the Low-Income Housing Tax Credit Program visit adfa.arkansas.gov .

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About the Arkansas Development Finance Authority (ADFA)

The Arkansas Development Finance Authority (ADFA) is dedicated to promoting economic growth and community development across the state. Since 1985, ADFA has provided affordable financing options for business expansion, housing initiatives, infrastructure, public health initiatives, and higher education funding.

ADFA operates as an independent instrumentality of the state, vested with the authority to perform essential financing functions to further the state’s economic development objectives.

ADFA Compliance Department under the guidance of US Housing Consultants has drafted a New Affordable Housing Compliance Manual for our Low Income Housing Tax Credit, HOME and National Housing Trust Funds Programs.

The draft copy has been placed on our ADFA Website under the Compliance and Monitoring Section under the Low Income Housing Tax Credit Program tab for our partners review of the changes for the new federally-mandated rules under HOTMA.

Please Note: The attached guidelines are required for compliance with new federally-mandated rules. ADFA is limited in what aspects of the Affordable Housing Compliance Manual can be changed, and this notice is being posted primarily to alert developers and others of the pending change.

DRAFT – AFFORDABLE HOUSING COMPLIANCE MANUAL – 2025

Please send any comments via email to Tammy White – tammy.white@arkansas.gov

These notices shall satisfy two separate but related procedural requirements for activities
to be undertaken by the Arkansas Development Finance Authority (“ADFA”).

NOTICE OF FINDING OF NO SIGNIFICANT IMPACT AND NOTICE OF INTENT TO REQUEST RELEASE OF FUNDS – SOUTHERN ESTATES SENIOR COTTAGES

These notices shall satisfy two separate but related procedural requirements for activities
to be undertaken by the Arkansas Development Finance Authority (“ADFA”).

NOTICE OF FINDING OF NO SIGNIFICANT IMPACT AND NOTICE OF INTENT TO REQUEST RELEASE OF FUNDS – SOUTHEAST ESTATES

Memo

To: Applicants for loans, financing, tax credits, awards and other benefits through the Arkansas Development Finance Authority

From: Jake Bleed, General Counsel

Date: 4/24/25

RE: Policy on Good Standing
____________________________________________________________________________________________

The following policy has been proposed for adoption by the Arkansas Development Finance Authority. Questions, comments or concerns on the adoption of this policy should be sent to Jake Bleed, general counsel of the Arkansas Development Finance Authority, via email to jake.bleed@arkansas.gov or via mail to the following address:

Jake Bleed, General Counsel
Arkansas Development Finance Authority
1 Commerce Way, Suite 602
Little Rock, Arkansas, 72201

Proposed Policy:

“The Authority shall take no action on a request by a third-party entity, including approval of additional loans, grants or provision of additional benefits of any kind, unless and until a finding that the requesting entity or any parties reasonably associated with the requesting entity are in Good Standing with the Authority.

For purposes of the proposed policy, “Good Standing” is defined as:

a) A finding that the requesting entity or any parties reasonably associated with the requesting entity are in full compliance with all outstanding legal and contractual obligations to the Arkansas Development Finance Authority in effect at the time of review; and

b) A determination that the requesting entity or any parties reasonably associated with the requesting entity has paid all fees, payments or other financial obligations owed to the Authority are paid in full at the time of review.

A finding of Good Standing will be made in writing and provided upon request of either the third-party entity or the President of the Authority. Any finding of less than Good Standing will be submitted to the requesting entity in writing and supported by documentation of outstanding obligations owed to the Authority by the requesting entity.

Entities who wish to contest a finding of less-than Good Standing may submit facts supporting their challenge to the Authority. The President of the Authority, with the approval of the Board of the Authority, may waive the requirement of Good Standing upon a finding that the action requested is supported by compelling facts and the requesting entity cannot obtain Good Standing status with reasonable effort.”

These notices shall satisfy two separate but related procedural requirements for activities
to be undertaken by the Arkansas Development Finance Authority (“ADFA”).

NOTICE OF FINDING OF NO SIGNFICANT IMPACT AND NOTICE OF INTENT TO REQEST RELEASE OF FUNDS – THE BLUFFS AT SHACKLEFORD

General Grant Coordination and Project Management Community Development Block Grant – Disaster Recovery (CDBG-DR)

INTRODUCTION

ADFA is soliciting proposals from interested firms and individuals to provide General Grant Coordination and Management and Project Management Services for a Community Development Block Grant – Disaster Recovery (CDBGDR grant). ADFA has received approximately $59,048,000 in overall CDBG-DR funding. ADFA will receive proposals from Proposers having specific experience and qualifications in the area identified in this solicitation. For consideration, proposals for this project must contain evidence of the Proposer’s experience and abilities in the specified area and other disciplines directly related to the proposed service.

QUALIFICATIONS

The Proposer must show to the complete satisfaction of ADFA that it has the necessary facilities, ability, and financial resources to provide the services specified herein in a satisfactory manner. The Proposer should also give a past history and references in order to satisfy ADFA in regard to the Proposer’s qualifications. ADFA may make reasonable investigations deemed necessary and proper to determine the ability of the Proposer to perform the work, and the Proposer shall furnish to ADFA all information for this purpose that may be requested. ADFA reserves the right to reject any offer if the evidence submitted by, or investigation of, the Proposer fails to satisfy ADFA that the Proposer is properly qualified to carry out the obligations of the contract and to complete the work described therein.

Evaluation of the Proposer’s qualifications shall include:

A. The ability, capacity, skill, financial and other necessary resources to perform the work or provide the service required;
B. The ability to perform the work or provide the service promptly or within the time specified, without delay or interference; C. The character, integrity, reputation, judgment, experience, and efficiency of the Proposer, and;
D. The quality of performance of previous contracts or services.

*Respondents must provide a listing of the personnel to be assigned to the project, including organizational structure and each person’s area of responsibility. Resumes for each professional assigned to this project are also required. Responders must have sufficient and qualified staff immediately available to contract solicitations and to enter into and manage any components targeted by the RFP.

SCOPE OF WORK

A. General Statement:
ADFA requests proposals for services of providing an approved CDBG-DR Action Plan.

B. Supporting Data: Additional information on the Action Plan can be found in the Universal Notice on ADFA’s website. This can be found at: Community Development Block Grant Disaster Recovery (CDBG-DR) – Arkansas Development Finance Authority.

C. Specifically, ADFA requests the following services to be provided: 1. Action Plan and program development and support including Action Plan amendments.

TIMELINE

It is expected that the Grant Coordination and Management and Project Management process will begin May 1, 2025.

RFP Issued: March 17, 2025
RFP Responses due: April 7, 2025, by 4:30 p.m.
Selection of Consultant: April 18, 2025

ADFA reserves the right to make adjustments as needed to the above schedule.

QUESTIONS

Please direct all questions to: lori.brockway@arkansas.gov

SUBMISSION REQUIREMENTS

A consultant, firm, or combination thereof wishing to submit a proposal must include the following in their response:

• A brief history of the proposing entity, including general background, knowledge of housing, and experience working with relevant agencies.
• Resumes of the personnel assigned to the project.
• A statement substantiating the resources of the proposing entity and the ability to carry out the scope of work requested within the proposed timeline.
• Proposed fee structure, including billing rates, hourly rates, reimbursable expenses, etc. Preferences will be given to firm fixed pricing.
• References including contact information for at least three organizations.
• At least one (1) example of work.
• A statement of conflicts (if any) the proposing entity or key employees may have regarding these services. The statement should include conflicts, as well as any working relationships that may be perceived by disinterested parties as a conflict. If no potential conflicts of interests are identified, please state so.

SELECTION CRITERIA

Proposals will be reviewed and evaluated by staff.

Criteria for evaluation will include:
5% Proposal for accomplishing the tasks listed in Project Scope
70% Cost
20% Capacity to perform the services within the established timeframe
5% References

RFP SUBMISSION PROCESS Due-April 7, 2025, by 4:30 p.m. Sealed proposals must be received in the ADFA office at the address referenced below. Submittals should include three hard copies including signatures. EDIT – E-mail proposals will be accepted at lori.brockway@arkansas.gov . No fax transmission will be accepted.

Department of Commerce-ADFA
Suite 602
1 Commerce Way
Little Rock, AR 72120

Proposing entities must note on the outside of their proposal package:

REQUEST FOR PROPOSALS
ADFA- CDBG-DR SERVICES

December 27, 2024

Arkansas Development Finance Authority
1 Commerce Way, Suite 602
Little Rock, AR 72202
501-682-5900

These notices shall satisfy two separate but related procedural requirements for activitiesto be undertaken by the Arkansas Development Finance Authority (“ADFA”).

REQUEST FOR RELEASE OF FUNDS

On or about January 13, 2025, ADFA will submit a request to the U.S. Department of Housing and Urban Development (“HUD”) for the release of HOME funds under Title II of the Cranston-Gonzalez Affordable Housing Act of 1990, as amended, to undertake a project known as McAuley Place Apartments Phase II for the purpose of constructing sixty (60) low income multifamily units on vacant land located at approximately 4322 SW I Street, Bentonville, AR 72712. The funding amount is Three Million and 00/100 Dollars($3,000,000.00) in HOME Funds, HUD Grant/Program Number #M-21-SG-050100. The estimated total project cost is Twelve Million Three Hundred Sixty-Three Thousand Two Hundred Four and 00/100 Dollars ($12,363,204.00).

FINDING OF NO SIGNIFICANT IMPACT

ADFA has determined that the project will have no significant impact on the human environment. Therefore, an Environmental Impact Statement under the National Environmental Policy Act of 1969 (NEPA) is not required. Additional project information is contained in the Environmental Review Record (ERR) on file at Arkansas Development Finance Authority, 1 Commerce Way, Suite 602, Little Rock, AR and may be examined or copied weekdays 8 A.M. to 4:30 P.M.

PUBLIC COMMENTS

Any individual, group, or agency may submit written comments on the ERR to ADFA. Allcomments received by January 11, 2025 will be considered by ADFA prior to authorizing submission of a request for release of funds. Comments should specify which Notice they areaddressing.

ENVIRONMENTAL CERTIFICATION

ADFA certifies to HUD that Lori Brockway in her capacity as Federal Housing Programs Manager consents to accept the jurisdiction of the Federal Courts if an action is brought to enforce responsibilities in relation to the environmental review process and that these responsibilities have been satisfied. HUD’s approval of the certification satisfies its responsibilities under NEPA and related laws and authorities and allows Bentonville 2024 Education Workforce Housing LP to use Program funds.

OBJECTIONS TO RELEASE OF FUNDS

HUD will accept objections to its release of fund and ADFA’s certification for a period of fifteen days following the anticipated submission date or its actual receipt of the request(whichever is later) only if they are on one of the following bases: (a) the certification was not executed by the Certifying Officer of ADFA; (b) ADFA has omitted a step or failed to make a decision or finding required by HUD regulations at 24 CFR part 58; (c) the grant recipient or other participants in the development process have committed funds, incurred costs or undertaken activities not authorized by 24 CFR Part 58 before approval of a release of funds by HUD; or (d) another Federal agency acting pursuant to 40 CFR Part 1504 has submitted a written finding that the project is unsatisfactory from the standpoint of environmental quality. Objections must be prepared and submitted in accordance with the required procedures (24 CFR Part 58, Sec. 58.76) and shall be addressed to HUD at 425 W.Capitol, Suite 1000, Little Rock, AR. Potential objectors should contact HUD to verify the actual last day of the objection period.
‍

Lori Brockway, Federal Housing Programs Manager

Notice of Funding Availability for Emergency Solutions Grant (ESG) FundsThe Arkansas Development Finance Authority (ADFA) has opened the Emergency Solutions Grant (ESG) Application for the 2024-2025 grant year. The purpose of the program is to help improve the quality of existing emergency shelters for the homeless, make available additional shelters; help meet the cost of operating shelters; help prevent homelessness and assist in placing people in permanent housing as quickly as possible.

NOTICE OF FUNDING AVAILABILITY FOR EMERGENCY SOLUTIONS GRANT (ESG) FUNDS

The Arkansas Development Finance Authority (ADFA) is the implementing entity for the State of Arkansas and administrator of all programs.

SSBCI is a $10 billion federal program administered by the Department of the Treasury.  It is a federal program administered by the Department of the Treasury that was created to strengthen capital programs that support private financing to small businesses, including capital access programs and other credit support programs (loan guarantees, loan participations, and venture capital investment programs) of eligible jurisdictions (i.e., states, the District of Columbia, territories, Tribal governments, and eligible municipalities).

Arkansas was awarded up to $81,621,691 payable in three tranches over 6 years, where 80% of each tranche must be expended to draw the next tranche of funds.  The program requires an initial minimum of $1 private funds match for each $1 of SSBCI funds with a plan to produce $10 of private funds match for each $1 of SSBCI funds over the 9-year life of the program.

Treasury has mandated deployment of funds into the following specific targeted areas:

• Socially and Economically Disadvantaged Individuals (SEDI) Owned Businesses $16,557,075
• Very Small Businesses (VSB) with less than 10 employees) $ 4,142,176
• Additional Incentive Funds (available for meeting above targets $ 8,830,440
• Main Capital Allocation for General Distribution to all Small Businesses $52,092,000

Total SSBCI Allocation Available to ADFA $81,621,691

ADFA will deploy funds through the following existing programs:

• Capital Access Program (CAP) $ 621,691
• Small Business Revolving Loan Guaranty Fund $ 5,000,000
• Bond Guaranty Loan Participation Program $15,000,000
• Disadvantaged Business Enterprises Program $15,000,000
• Arkansas Venture Development Fund (Fund to Fund Investment) $20,000,000
• Arkansas Venture Capital Development Fund (Direct Company Investment) $26,000,000

Total Funds Deployed by ADFA Programs $81.621,691

To learn more about SSBCI funding contact:

Chuck Cathey
Vice President of Development Finance
Send an email
501-682-5906