NOTICE OF FUNDING AVAILABILITY FOR 2020 CDBG-DISASTER RECOVERY MULTI-FAMILY PROGRAM
The Arkansas Development Finance Authority (ADFA) announces the availability of Community Development Block Grant – Disaster Recovery (CDBG-DR) funds for housing recovery and resilience activities in areas affected by the 2019 Arkansas River Flood (FEMA DR-4441).
This funding was allocated under Public Law 116-20 and is governed by Federal Register Notice 85 FR 4681 (January 27, 2020). On April 30, 2021, the U.S. Department of Housing and Urban Development (HUD) approved Arkansas’s Action Plan for $8.94 million.
As the lead agency and grantee, ADFA is responsible for administering the 2019 CDBG-DR allocation to address unmet housing needs, with a focus on long-term resilience, affordability, and recovery in the state’s most impacted and distressed (MID) communities.
Program funds and expenditure timeline are dependent on HUD approval and receipt of approval for ADFA’s period of performance extension request.
SPECIAL NOTE: YOUR IMMEDIATE ATTENTION IS CALLED TO SECTION I.C. YOU NEED TO SEND TO US AN E-MAIL ADDRESS FOR TRANSMISSION OF NOTICES OF INQUIRIES.
February 4, 2026 Arkansas Development Finance Authority #1 Commerce Way, Suite 602 Little Rock, AR 72202 501) 682-5900
SECTION I: INSTRUCTIONS TO PROPOSER/ GENERAL INFORMATION
A. PURPOSE. The Arkansas Student Loan Authority (“ASLA”) is a division of the Arkansas Development Finance Authority (“ADFA”), an instrumentality of the state of Arkansas (ASLA and ADFA referred to collectively herein as the “Authority”). The Authority is requesting proposals from investment banking firms to serve as trustee for the Authority’s Student Loan Revenue Bonds. It is our current intention to engage a qualified firm to provide trustee services in connection with a possible 2026 financing to support ASLA’s private student loan program. The selected firm will participate in the issuance and administration of the Authority’s student loan revenue bonds.
The Authority does not currently have outstanding student loan bond debt. The Authority currently holds approximately $32 million in private student loans on its balance sheet. Under ADFA’s management and supervision, ASLA offers three types of student loan financings, primarily for Arkansas families: (i) the Student Loan originated under the student’s name; (ii) the Family Loan originated under a family member’s name on behalf of a student; and (iii) the Refinancing Loan to refinance a borrower’s federal and/or private student loan debt. All loans require a credit-worthy borrower or credit-worthy cosigner.
Available tax-exempt volume cap for the student loan program in 2026 will be approximately $40,000,000. The Authority anticipates executing a financing transaction in the fall of 2026 in the approximate amount of $40,000,000.
B. SUBMISSION OF PROPOSALS. Written proposals responding to the questions and requests for information in the manner specified in this Request For Proposal (“RFP”) should be submitted to the following:
educationloans@asla.info
To be considered, a copy of the proposal should be delivered to the Authority not later than March 25, 2026, 12:00 p.m., via email. Late proposals will not be accepted. The Authority reserves the right to reject any or all proposals.
C. ADDITIONAL INFORMATION. It is the responsibility of the proposer to inquire about and clarify any aspect of the RFP. Questions should be directed to:
Substantive questions and answers will be documented and will be sent by electronic mail to all the proposers who provide the Authority with an e-mail address. IN ORDER TO BE ON THE DISTRIBUTION LIST FOR RESPONSES TO INQUIRIES, YOU MUST PROVIDE THE E-MAIL ADDRESS TO WHICH YOU WANT ALL SUCH TRANSMISSIONS SENT.
D. PROPERTY OF THE AUTHORITY. Any information or materials submitted as a response to this RFP shall become the property of the Authority and will not be returned. All submitted materials will be available for public review.
E. RESPONSE TO REQUEST FOR PROPOSAL. Firms wishing to respond to this RFP with questions may submit inquiries to the email address provided above however, NO CONTACT WITH ADFA BOARD MEMBERS IS ALLOWED AND ANY SUCH CONTACT WILL BE GROUNDS FOR IMMEDIATE REJECTION OF A FIRM’S PROPOSAL.
F. SELECTION TIMETABLE.
February 4, 2026 Request for Proposal Issued
March 25, 2026 Proposals due by 12:00 p.m., via email
TBA Oral Presentations (if necessary)
April 16, 2026 Board Action (Appoint/ratify the appointment of Trustee, authorizes the President of ADFA to negotiate fees).
G. SELECTION PROCESS. ADFA’s Staff Professional Selection Committee will review the submitted proposals. Proposals will be evaluated based on the responses to specifics outlined in the Proposal Format section of this RFP and based upon the selection criteria. Proposals that omit any of these items may be rejected as non-responsive. The ADFA Board Professional Selection Committee will make its decision on a recommendation for selection, which will be reported to the Board of Directors of the Authority. The final selection will be made by a vote of Board members.
ADFA may at any time prior to the selection of a firm reject any and all proposals and cancel this RFP, without liability therefore, upon finding that there is good cause for rejecting all proposals and that it would be in its interest to cancel the solicitation. Further, regardless of the number and quality of proposals submitted, ADFA shall under no circumstances be responsible for any proposer costs and expenses incurred in submitting a response to this RFP. Each proposer who submits a response does so solely at the proposer’s cost, risk and expenses. ADFA accepts no responsibility for the return of successful or unsuccessful proposals. This RFP in no way obligates ADFA to select a firm.
Any firm selected will be required to complete a disclosure form in compliance with Governor’s Executive Order 98-04.
H. SELECTION CRITERIA. The proposals will be reviewed by the Staff Professional Selection Committee composed of selected members of the Authority staff. The committee generally will use the following criteria to evaluate all acceptable proposals and to develop recommendations to be presented to the ADFA Board Professional Selection Committee; however, ADFA reserves the right to evaluate the proposals based on factors beyond the listed criteria.
Criteria
1. Firm’s prior experience as trustee for Private Student Loan bond issues.
2. Ability to handle daily receipts and payments.
3. Timeliness and clarity of transaction reporting.
4. Qualifications of staff to be assigned. (Position in firm and years
and type of experience will be considered.)
5. Responsiveness of written proposals to the purpose and scope of services.
6. Reasonableness of proposed fee.
SECTION II: SCOPE OF SERVICES AND REQUIREMENTS
The trust indenture for this bond program, when adopted by the ADFA Board of Directors and accepted by the trustee, shall be deemed to be and shall constitute a contract between ADFA and the trustee. The indenture will require the trustee to perform services normally associated with being trustee for a revenue bond program, including, but not limited to:
1. Authenticate and deliver the Bonds authorized by the trust indenture.
2. Maintain registry books of the Authority showing the person in whose name the Bonds are registered, if applicable.
3. Hold and maintain trust funds pursuant to the trust indenture.
4. Apply or deposit all Bond proceeds, pledged funds and pledged revenues pursuant to the trust indenture.
5. Invest or reinvest funds held in accounts pursuant to the trust indenture or as directed by an authorized officer of the Authority.
6. Maintain accurate records of all trust fund transactions.
7. Advise the Authority electronically, on or before the 5th business day of each calendar month, of the details of all investments held for the credit of each fund and account in its custody under the provisions of the trust indenture as of the end of the preceding month.
8. Select bonds to be redeemed in such manner as prescribed in the trust indenture and as directed by the Authority in accordance with the trust indenture.
9. Give notice, in the name of the Authority, of redemption of Bonds at the time and in the manner required by the trust indenture.
10. Serve as Disclosure Dissemination Agent for the Authority – report all annual financial disclosure and material events to the Municipal Securities Rulemaking Board (“MSRB”) via the MSRB’s Electronic Municipal Market Access System (“EMMA”) on behalf of the Authority. The Authority should be notified and copied on all correspondence relating to disclosure to EMMA on the Authority bond issues.
11. Bill and collect the Authority administrative fee.
12. Ability to provide Internet accessibility of trust account information and provide access and/or submit daily transactions via interface program and month-end balances report.
13. Send copy of all unscheduled Bond Redemptions occurring prior to maturity to the Authority Accounting/Finance Department.
14. Ensure timely receipt of arbitrage rebate calculations.
15. Prepare bond call calculations prior to each debt service date or upon direction of the Authority.
SECTION III: PROPOSAL FORMAT
A. TRANSMITTAL LETTER. A one-page transmittal letter prepared on the proposer’s business stationery should accompany the submitted proposal.
B. PROPOSAL. The proposal should be labeled “Proposal to serve as Trustee for The Student Loan Revenue Bond Program.” The submission must contain sufficient information to enable the ADFA Staff and Board Professional Selection Committees to evaluate the proposal. It should be prepared in a clear and concise manner and should address each of the following subsections:
1. Experience. Give a brief summary of your firm’s prior experience as trustee for Student Loan bond issues.
2. Staffing and Qualifications. Give a brief summary of the qualifications and experience of the trust officer and staff who will be assigned to this account.
3. Daily Processing and Reporting. Please give a brief description of your computer systems and programs utilized in the Trust Division and their capabilities. Comment on your ability to handle daily receipts, daily payments and the timeliness and clarity of transaction reporting. Also discuss what account accessibility via the Internet you offer as well as any experience you have with electronic interfaces between your trust systems and your customer’s accounting software.
4. Scope of Services. Elaborate on the services you propose to perform as trustee for the proposed financing. In what way do you expect the scope of services to differ from those listed in Section II? Please also address your firm’s ability to meet the timeframes outlined at the end of Section II.
5. Financial Strength. Please comment on your company’s financial condition and any issues that might impact your ability to carry out this assignment. Please provide your institution’s current credit rating(s) as assigned by Standard & Poor’s, Moody’s, and/or Fitch.
6. Trustee Fee & Reimbursable Expenses. Complete the attached Proposed Trustee Fee Schedule, and, if necessary, use a narrative description to present the basic assumptions on which your firm’s fee proposal is predicated and any factors that would change the proposed fee. List all anticipated expenses to be incurred by your firm for which you expect reimbursement. This includes any wire fees or sweep fees you anticipate being charged on the account. For each expense item, give an estimated per unit cost and a total cost for the item.
7. Equal Opportunity Statement. Please submit your Equal Opportunity Policy to ADFA in accordance with Arkansas Act 2157 of 2005. This act requires any firm wishing to respond to an RFP or submit a proposal or statement of qualifications to provide ADFA with your Equal Opportunity Policy.
8. Under Arkansas Code 19-11-105 and 25-1-503, the firm selected will be required to represent, in the contract providing for the engagement , that (a) it does not currently employ or contract with an illegal immigrant, and (b) it is not currently engaged in a boycott of Israel and will not during the term of the contract engage in a boycott of Israel.
9. Acceptance. Submission of proposals, in response to this Request for Proposal, constitutes acceptance of all conditions, requirements and limitations described in this document.
ARKANSAS DEVELOPMENT FINANCE AUTHORITY
Proposed Trustee Fee Schedule
Acceptance Fee and Registration Fee. $ _____________
Administrative Fee for Long-Term Bonds: ( ) Fixed annual fee until final bond redemption, or $ _____________
( ) ____ basis points of outstanding bond balance, paid annually Provide assumptions for fee structure here: $______________
9% LIHTC Application Deadline extended to February 9, 2026
Due to the historic winter storm ADFA has decided to grant an extra week for 9% LIHTC applications to be submitted. The new deadline for complete applications to be submitted is Monday February 9, 2026 at 4:30pm.
Thank you,
John Blackwell Vice President of Tax Credits Arkansas Development Finance Authority 1 Commerce Way, Suite 602 Little Rock, Arkansas 72202
RFP – Administration and Implementation of the Single-Family New Construction Program – CDBG-DR 2025 – Amendment 1
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).
Robert “Ro” Arrington Appointed President of Arkansas Development Finance Authority
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.
Date: December 4, 2025 Contact: Derrick Rose, Director of Communications Phone: (501) 682-5904 Email:Derrick.Rose@Arkansas.gov
HOME – Notice of HOME funding availability for 2026 LIHTC applications
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
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.
Directs all activities of Arkansas’ housing and development finance authority as outlined and permitted by state law, including serving the Board of Directors of the Arkansas Development Finance Authority and the Office of the Governor of the State of Arkansas as well as leading a staff of more than 55 employees on a day-to-day basis.
TYPICAL FUNCTIONS:
The President of the Arkansas Development Finance Authority (ADFA) leads and manages a staff of professionals and employees responsible for various duties related to public finance, housing, student loans and economic development.
• Plans, develops, and oversees interpretation and implementation of policies and objectives of organization in accordance with board directives and organizational statutes;
• Reviews activity reports and financial statements to determine progress and status in attaining objectives and revises objectives and plans in accordance with current market conditions;
• Establish internal control policies to ensure accuracy, completeness, and security of financial reporting;
• Assemble teams of professionals to issue bonds for public and private projects. Work with bond attorneys, investment firms, and trustees to structure bond issuances and trust indentures;
• Create and execute mortgage revenue bond programs, along with designing down-payment assistance programs to maximize opportunities for first-time homebuyers;
• Manage profitability, risk, and IRS compliance of mortgage programs, collaborate with venture capital companies and funds to provide equity investment for new Arkansas businesses;
• Administer Arkansas Venture Capital Investment Trust on behalf of the State.
• Plan and develop organizational, staff, and public relations outreach designed to improve outreach and relations with stakeholders and the public;
• Collaborate with executive branch and other elected officials on public policy that furthers the priorities of the executive branch, carries out legislative intent, and increases the organization’s mission;• Advises the Governor’s Office and Legislature on matters when requested, particularly regarding bond financings, economic development projects, the state general obligation credit rating, state and federal affordable housing issues, and other debt financings of the State and/or other agencies.
Knowledge, Abilities, and Skills
• Strong knowledge and understanding of asset-backed securitization, particularly tax-exempt bond financings and public finance generally.
• Public finance, banking, mortgage lending, real estate, economic development and/or affordable housing knowledge and/or experience desired.
• Experience working with the State Legislature and U.S. Congressional delegation helpful.
• Experience developing presentations and public speaking desired.
Minimum Education and/or Experience
Bachelor’s degree or equivalent with ten years business experience (banking, finance, legal or other related fields)
Preferred Qualifications
Certified Public Accountant or Juris Doctorate, or equivalent preferred.
Interested candidates should submit their resumes via email to the following confidentialaddress: adfa.hr@arkansas.gov .
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.”
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.
Notice of Finding of No Significant Impact & Notice of Intent to Request Release of Funds – Southeast 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 & Notice of Intent to Request Release of Funds – Southeast Estates
These notices shall satisfy two separate but related procedural requirements for activities to be undertaken by the Arkansas Development Finance Authority (“ADFA”).
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.”
NOTICE OF FINDING OF NO SIGNFICANT IMPACT AND NOTICE OF INTENT TO REQEST RELEASE OF FUNDS – THE BLUFFS AT SHACKLEFORD
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
NOTICE OF INTENT TO REQUEST RELEASE OF FUNDS
These notices shall satisfy two separate but related procedural requirements for activities to be undertaken by the Arkansas Development Finance Authority (“ADFA”).
REQUEST FOR PROPOSALS – CDBG-DR – GENERAL GRANT COORDINATION & PROJECT MANAGEMENT
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.
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.
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:
NOTICE OF FINDING OF NO SIGNFICANT IMPACT AND NOTICE OF INTENT TO REQUEST RELEASE OF FUNDS
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.
NOTICE OF FUNDING AVAILABILITY FOR EMERGENCY SOLUTIONS GRANT (ESG) FUNDS
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.
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:
LEGAL NOTICE – PROPOSED CHANGES TO THE RULE REGARDING RESERVATION OF PRIVATE ACTIVITY BOND CAP
LEGAL NOTICE
In accordance with the provisions of the Arkansas Code Annotated Section 25-15-204 and published in the Arkansas Democrat-Gazette August 18, 19 and 20, NOTICE is hereby given that the Arkansas Development Finance Authority, a division of the Arkansas Department of Commerce, has submitted a proposed rule to the Arkansas Secretary of State to be posted on its website for thirty (30) days for proposed changes to the Rule Regarding Reservation of Private Activity Bond Volume Cap.
The purpose of the proposed rule changes is to update policies and processes for the allocation of private activity and governmental volume cap as required under Arkansas Code Annotated Section 15-5-603(c). The proposed rule as well as this notice will be posted the website of the Arkansas Development Finance Authority at htps://adfa.arkansas.gov/.
A public hearing will be held 10 a.m., Thursday, August 22, 2024, at the offices of the Authority, located at 1 Commerce Way, Suite 602, Little Rock, Arkansas, to accept public comment on the proposed rule changes. Written comment will be accepted through Tuesday, September 17, 2024 at 4:30 p.m. via mail to the Authority, C/O Jake Bleed, Legal Counsel, Arkansas Development Finance Authority, 1 Commerce Way, Suite 602, Little Rock, Arkansas, 72205, or via email to the Authority at jake.bleed@arkansas.gov
FINAL DRAFT – Design Standards Manual for New Construction and Rehabilitation
ADFA has released the final draft of the “Design Standards for New Construction and Rehabilitation”. These standards aim to ensure safe, durable, and well-constructed housing for Arkansans. We invite you to review the document and provide feedback by August 30, 2024. Download the document here.
