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.
Walnut Commons – Build America Buy America Waiver Request
This data collection is for submitting a waiver request to the Build America, Buy America requirements. According to the Build America Buy America Act (BABAA), “none of the funds made available for a Federal Financial Assistance program for infrastructure, including each deficient program1, may be obligated for a project unless all of the iron, steel, manufactured products, and construction materials used in the project are produced in the United States.”
Waivers are explained in the Office of Management and Budget Memorandum 22-11 and required by the Infrastructure, Investments and Jobs Act (IIJA) sections 70901 through 70952. Each waiver request must provide responses to the form questions, as applicable. Instructions are provided in the next paragraph. Contact your Department of Housing and Urban Development representative for your award or for additional assistance with completing this data collection.
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.
January 22, 2026
Arkansas Development Finance Authority #1 Commerce Way, Suite 602 Little Rock, AR 72202 (501) 682-5900
SECTION I: INSTRUCTIONS TO PROPOSERS/ 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 firms to serve as bond counsel for 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.
Proposers should be clear that their response addresses the delivery of the full scope of federal tax, securities and other federal law issues along with state law and other legal issues.
From the list of respondents to this Request for Proposal (RFP), the Authority expects to select a firm, or a team of firms, to act as bond counsel for a period of approximately two (2) years (term can be extended for additional one (1) year terms, with a maximum of five (5) extensions, at the discretion of the ADFA Board), subject to successful negotiation of fees with the concerned firm(s).
Bond counsel will be expected to consult with and advise the Authority, the underwriter and the underwriter’s counsel on legal and tax aspects of the Student Loan Program, prepare and publish various required program documents and issue appropriate legal opinions regarding, among other things, relevant federal and state tax issues and ADFA’s authority to issue the concerned debt obligations.
The Authority makes no representation or warranty of any nature that any firm selected pursuant to this RFP will participate in any minimum or maximum number of financings, or in financings that involve any minimum or maximum dollar amounts.
Any bond counsel selected pursuant to this RFP shall serve at the pleasure of the Authority, and the professional services of any firm selected may be terminated, at the sole discretion of the Authority, upon delivery of written notice of such termination to the selected firms.
The Authority will not be responsible for paying any direct or indirect out-of -pocket expenses or fees incurred in the process of developing the bond program. Proposers should understand that such costs, if any, must be recovered from bond sales, and there is no assurance any bond sales will be transacted. Proposers should further understand that engagement of the selected firm will be continuously subject to the successful negotiation of fees and expenses for services rendered in developing the Bond Program and transacting bond sales.
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:
To be considered, the proposal should be delivered to the Authority not later than March 18, 2026, by 12:00 p.m. (CST), via email. Late proposals will not be accepted. The Authority reserves the right to reject any or all proposals.
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 sent by e- mail to those who provide the Authority an e-mail address.
IN ORDER TO BE ON THE DISTRIBUTION LIST FOR RESPONSES TO INQUIRIES, YOU MUST PROVIDE TO THE AUTHORITY THE E-MAIL ADDRESS TO WHICH YOU WANT SUCH TRANSMISSIONS SENT.
D. PROPERTY OF ADFA. 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. Law firms wishing to respond to this RFP 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. PROPOSAL TIMETABLE.
January 22, 2026 Request for Proposal Issued March 18, 2026 Proposals Due TBA Oral Presentations (if necessary) April 16, 2026 Board Action (Appoint/ratify appointment of bond counsel, authorizes the President of ADFA to negotiate fees)
G. SELECTION PROCESS. The ADFA Staff Professional Selection Committee will review the submitted proposals. Proposals will be evaluated based on responses to specifics outlined in the Proposal Format section of this RFP and based upon the selection criteria. Proposals which omit any of these items may be rejected as non-responsive. From this review, individual firms may be chosen for interviews. The Board of Directors Professional Selection Committee will make its decision on a recommendation for selection, which will be reported to the Board of Directors of the Authority at its regular meeting. The final selection will be made by a vote of Board members.
The Authority may at any time prior to the selection of bond counsel reject any and all proposals and cancel this RFP, without liability therefore, upon finding that there is cause for rejecting all proposals and that it would be in the Authority’s interest to cancel the solicitation. Further, regardless of the number and quality of proposals submitted, the Authority 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 expense. The Authority accepts no responsibility for the return of successful or unsuccessful proposals. This RFP in no way obligates the Authority 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 a Staff Professional Selection Committee composed of selected members of the Authority’s 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, the Authority reserves the right to evaluate proposals based on factors beyond the listed criteria.
Criteria
1. Firm’s relevant experience as bond counsel for debt financings for student loans.
Prior experience with student loan revenue bond issues
Size and number of prior bond issues and experience in complex bond financings of prior bond issues
2. Organization, size and structure of firm: a. Adequate firm resources dedicated to tax securities and municipal bond transactions
3. Qualifications of staff to be assigned, i.e., team members’ demonstrated ability, years and type of experience.
4. Responsiveness of written proposals to the scope of services issues 5. Responsiveness of proposal on fee determination issue
SECTION II: SCOPE OF SERVICES AND REQUIREMENTS
The Bond Counsel will be expected to perform all the normal duties associated with being bond counsel for the issuer of municipal bonds, including but not limited to:
A. Attend meetings when such meetings include matters directly or indirectly related to the proposed bond issue.
B. Provide advice and assistance in structuring the financing and in planning for the sale of the debt obligations, including consultation with the underwriters and their counsel. Note: Underwriter’s counsel will be primarily responsible for preparation of the preliminary official statement, official statement, bond purchase agreement, blue-sky memorandum and legal investment memoranda, but the bond counsel shall be available for consultation in the preparation of these documents, if necessary.
Prepare the borrowing resolutions and documentation, program administration agreement, bond resolutions, trust indenture, security documents, closing documents and certificates, including arbitrage certificate and tax regulatory agreement, to the extent such documents are required to issue the bonds.
Prepare and advise the Authority on changes to purchase price limits and income limits.
E. Issue approving opinions for borrowings, and issue final approving opinions with respect to any debt obligations, as required, concerning matters of legality and tax exemption, and any supplemental opinion requested as to the bonds under federal and state tax laws.
F. Provide assistance and preparation for rating agency hearings, if desired, including attendance at meetings and follow-up on any detailed information requested.
G. Provide any required legal research, correspondence, and preparation of memoranda or other documents related to the issuance of any debt obligations, as required.
H. Consult with the provider of any credit enhancement and its counsel concerning any such credit enhancement and documentation.
Any additional legal services necessary to issue any debt obligations under the student loan program.
Prepare an engagement letter for ADFA President’s review and approval before performing any compensable work relating to the proposed engagement.
Consult with and assist Finance and Student Loan staff regarding legal requirements of the student loan bond program.
Other duties that relate to the program as requested by the Authority.
SECTION III: PROPOSAL FORMAT
A. TRANSMITTAL LETTER. A brief transmittal letter, prepared on the proposer’s business stationery, should accompany the proposal.
B. PROPOSAL. The proposal should be labeled “Proposal to serve as Bond Counsel for ADFA Student Loan Revenue Bonds”. The proposal must contain sufficient information to enable the ADFA Staff Professional Selection Committee to evaluate the proposal. It should be prepared in a clear and precise manner and should address all appropriate subsections.
Bond Counsel Team and Personnel. Describe the manner in which you would organize your firm’s resources to serve as bond counsel for the proposed financing. In doing so, please address the following questions or issues:
Identify the individual who will manage the relationship and any transactions on a day-to-day basis. Define this individual’s position within the firm and indicate the degree to which he or she will be able to commit the firm’s resources to the Authority. What is this person’s availability for this program and what other commitments does he or she have?
Identify other professionals from your firm who will be assigned to work on this project, their roles and responsibilities and relevant aspects of their background. How will these individuals work with the other members of the financing team?
Describe your student loan finance experience as bond counsel or underwriter’s counsel. Note: This information may be presented as an exhibit to your proposal. Please include information in the following format:
Name of client
Your specific role (bond counsel or issuer’s counsel or underwriter’s counsel)
Number of years serving this client
Name(s) of partners in charge of this client
Comments on Scope of Services. Elaborate on the services you propose to perform as bond counsel for the proposed financing. In what way do you expect the scope of services to differ from those listed in Section II? Please discuss the following:
Experience your firm has in obtaining clarification of the Internal Revenue Code and IRS Regulations;
Your firm’s recent experience in obtaining Internal Revenue Service rulings;
Your firm’s ability to monitor and advise the Authority on federal legislation that may impact the Authority’s student loan program;
Describe the manner in which your firm regularly communicates changes in the tax law to your clients.
Potential Conflicts. List any relationship which might lead to a potential conflict in performing any services for the Authority’s (i.e. representing any clients that may have or develop an adverse interest to the Authority). Please list specifically any conflicts resulting from material adverse matters, as distinguished from the conduct of business as usual. Indicate what steps would be taken to eliminate any such conflict.
Rationale for Appointment and Proposal Summary. This section of the proposal should be used by each proposer to present the case for its appointment to the position sought. Please briefly recite your firm’s qualifications and experience, particularly in connection with student loan revenue bond transactions. Please describe how your qualifications and experience are relevant to the proposed transaction.
Malpractice Insurance. Acknowledge that if selected as bond counsel, your firm will provide the Authority proof of malpractice insurance covering, among other things, securities-related claims. Please list any pending claims or disputes relating to prior opinions as bond counsel.
Bond Counsel Fee Determination. Selection of a bond counsel will not be based on a competitive bid. The Authority will attempt to negotiate with the top-ranked firm to establish a fair and reasonable fee. If an agreement cannot be reached with the top-ranked firm, negotiations will be attempted with the lower-ranked firms in order of their rankings.
The Authority would prefer to enter an arrangement which provides a flat fee per transaction and hourly fees for non-transaction work with an overall annual cap. Discuss whether this would be acceptable to your firm. Discuss your methodology and rationale for any proposed alternative fee arrangement.
8. Equal Opportunity Statement. Please submit your Equal Opportunity Policy to the Authority 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 the Authority with your Equal Opportunity Policy.
9. Acceptance. Submission of proposals, in response to this Request for Proposal, constitutes acceptance of all conditions, requirements and limitations described in this document.
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.
January 22, 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. PROGRAM INFORMATION. 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 underwriter for the Authority’s Student Loan Revenue Bonds. It is our current intention to engage a bond underwriting firm who will market bonds to fund the Authority’s student loan program for a period of three (3) years beginning on July 1, 2026. The term can be extended for additional two (2) year terms at the discretion of the ADFA Board.
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.
The Authority hopes to obtain proposals which are designed to contribute to the following major goals of the Program:
1. To make private student loans available for Arkansas families at notably lower rates than those offered by for-profit lenders.
2. To access low-cost funds through broadening investor base, creative financing structures, expanded disclosure reporting and high retail participation.
3. Provide financing options considered attractive to the Authority’s clients and agents which include students, parents of students, higher education institutions, bond holders, elected officials, government agencies, etc.
4. Minimize the Authority’s financial contribution.
5. Design a program that generates income to the Authority and is manageable by the Authority staff.
.
Proposers may submit any number of financing strategies or other program ideas they deem appropriate to accomplish the goals of the Authority. Nevertheless, the objective of this selection process is to select a financing team, not a financing structure. ADFA will seek underwriter input as to effective and sellable structures to the investor community. Ultimately, after the selection of the Program team, further strategy sessions may be conducted where financing structures and other aspects will be evaluated and pursued as appropriate.
Any investment banking firm selected pursuant to this RFP shall serve at the pleasure of ADFA, and the professional services of any firm selected may be terminated at the sole discretion of ADFA, upon delivery of written notice of such termination to the selected firms.
Authority for this Program is contained in Arkansas Development Finance Authority Act, consisting of Arkansas Code Annotated § 15-5-101 et seq
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:
To be considered, one (1) electronic copy of the proposal should be delivered to ADFA not later than March 25, 2026, by 12:00 p.m. (CDT), via email. ADFA 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 submitted by email to:
Substantive questions and answers will be sent by electronic mail to all proposers who provide the Authority with an e-mail address. IN ORDER TO BE ON THE DISTRIBUTION LIST FOR RESPONSES TO INQUIRIES, YOU MUST ADVISE ADFA OF THE E-MAIL ADDRESS TO WHICH YOU WANT SUCH TRANSMISSIONS SENT.
D. PROPERTY OF ADFA. Any information or materials submitted as a response to this RFP shall become the property of ADFA and will not be returned. All submitted materials will be available for public review.
E. RESPONSE TO REQUEST FOR PROPOSAL. Investment banking firms wishing to respond to this RFP 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.
January 22, 2026 Request for Proposal Issued
March 25, 2026 Proposals Due
TBD Oral Presentations, if necessary
April 16, 2026 Board Action (Appoint/ratify appointment of underwriter, authorizes the President of ADFA to negotiate fees)
G. SELECTION PROCESS. The ADFA Staff Professional Selection Committee will review the submitted proposals. Proposals will be evaluated based on responses to specifics outlined in the Proposal Format section of this RFP and based upon the selection criteria. From this review, firms may be chosen for oral presentations. All proposing firms will be advised of the firms selected for oral interviews. After conducting oral interviews, if necessary, the 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 at its regular meeting. The final selection will be made by a vote of Board members.
ADFA may at any time prior to the selection of underwriter 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 expense. 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 ADFA 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 proposals based on factors beyond the criteria listed below.
Qualifications of the underwriter;
Current commitment to municipal finance and, specifically, student loans
Prior experience with student loan revenue bond issues including size, number, complexity and success of prior bond programs
Qualifications of staff assigned to the student loan program and the team members’ demonstrated ability, years and type of experience
Demonstrated marketing ability and resources, particularly in selling student loan backed tax-exempt bonds
Net capital of firm and application of that capital to ensure placement and takedown of bonds
Merits of any proposed financing structures or other program initiatives including their creativity and cost effectiveness for the program
Responsiveness of written proposals to the scope of services
4. Proposed management fee, if any, and expected takedown by maturity
The Authority reserves the right to award the contract to the firm which will best meet the qualifications required the Authority. The firm selected may or may not be the firm with the lowest proposed fee structure. The Authority also reserves the right to reject any and all proposals prior to execution of the contract with no penalty or cost the Authority.
SECTION II: SCOPE OF SERVICES AND REQUIREMENTS
The selected firm will be expected to perform all normal duties associated with the underwriting and sale of the bonds in a negotiated mode including but not limited to:
1. Work with the Authority and its Financial Advisor to develop a structure which is marketable and provides the lowest cost of funds to the Program;
2. Advise the Authority concerning market conditions and the timing of the sale;
3. Obtain an underwriter’s counsel (subject to the approval of the Authority);
Prepare supplemental documents related to each bond issue. This will include, but not be limited to, a detailed cost of issuance at closing (format to be distributed to selected firm prior to closing), and an analysis of each bond issue which compares it with similar bonds sold within the same time frame;
Develop a sale strategy and marketing plan;
Coordinate information with selling group and financial advisor;
Manage the syndicate prior to, during, and after the bond sale;
Conduct pre-sale briefings and information sessions;
Conduct the bond sale including “running the books” and, if necessary, underwriting;
Provide normal administrative services such as procurement of CUSIP number, establishment of account with DTC, etc.;
Prepare a summary analysis of the bond sale (format to be distributed to selected firm prior to closing);
Review, comment and assist in the refinement of the student loan program and the financing plan for the loan program;
Cooperate with the Authority and its engaged professionals in the calculation of arbitrage rebate and in solving any problems connected with any bond issue in the Single Family program on an as-needed basis.
SECTION III: PROPOSAL FORMAT
TRANSMITTAL LETTER. A one-page transmittal letter prepared on the proposer’s business stationery should accompany the proposal.
B. PROPOSAL. The proposal should be labeled “Proposal to serve as Underwriter for ADFA Student Loan Revenue Bonds”. 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 (complete proposal responses should be limited to no more than 25 pages):
1. Investment Banking Firm Experience and Personnel. Please address the following questions or issues:
a. Identify your firm’s experience with student loan revenue bonds, including a list of state agencies and not-for-profit state-based student loan providers for which your firm serves as senior manager or co-manager. Please provide a listing of student loan revenue bonds issues on which your firm has served as lead underwriter during the last five (5) years, including issuer name, issue caption, par amount, tax status, debt type, and pricing date.
b. Identify the individual who will manage this financing on a day-to-day basis. Indicate the degree to which he or she will be able to commit the firm’s resources to ADFA. What is this person’s availability for this financing and what other commitments does he or she have?
c. Identify other professionals at your firm who will be assigned to work on this project, their roles and responsibilities. What are some relevant aspects of their background?
Provide your firm’s net capital and your firm’s philosophy in applying that capital to ensure the placement and takedown of bond issues.
Comments on Scope of Services. Elaborate on the services you propose to perform as underwriter for the proposed financing. In what way do you expect the scope of services to differ from those listed in Section II?
.
4. Rationale for Appointment and Recent Experience. This section of the proposal should be used to present the case for your selection to the position, describing how your qualifications and experience in structuring, underwriting and distributing securities are relevant to serving as ADFA’s underwriter. Select one past deal where your firm served as senior managing underwriter (indicating the date of issue, issuer, credit description, size and method of sale) and summarize its similarity to ADFA’s program and its successfulness. You may want to compare it with other deals of similar size and purpose that were sold at the same time.
5. Marketing of the Authority’s Student Loan Revenue Bonds. Please respond briefly to the following:
a. Describe your firm’s retail and institutional marketing network for municipal bonds generally and student loan revenue bonds in particular, emphasizing your ability to market the Authority’s student loan revenue bonds.
b. Describe your philosophy of and procedure for establishing bond sale prices. What is your strategy to attract multiple institutional investors to a deal?
How will your firm make an active secondary market for our bonds?
6.Fee Proposal. Recognizing that the takedown and certain expenses can vary from issue to issue, we expect to negotiate with our senior managing underwriter for each issue, in advance, a budget for these items. However, we would request a fee proposal for the following services:
Management fee, if any, for Book Running Senior Manager services. The Authority anticipates that its Financial Advisor will structure the bonds and run all ratings agency analytics to achieve the bond ratings. Please quote your Management Fee with this assumption. If you wish, you may also separately quote a Management Fee that assumes your firm structures the bonds and does the ratings agency work, rather than the Authority’s Financial Advisor.
Describe how you plan to allocate management fee with any co-managers or management group members
Provide expected takedown/total underwriting spread
Your fees should be based on what is listed in the Scope of Services and Requirements in Section II of this Request for Proposal. Please state any other services not listed in the Scope of Services and Requirements and how they would change the amount of your proposed fee. Any fees or expenses not included/disclosed will come directly out of the Underwriters Discount.
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. Acceptance. Submission of proposals, in response to this Request for Proposal, constitutes acceptance of all conditions, requirements and limitations described in this document.
TOTAL – UNDERWRITER SPREAD $____________________/$1000 Gross Spread
Expense Breakdown
(Maximum not to be exceeded)
Clearance
$
Computer
$
Travel
$
Syndication
$
Advertising
$
U/W Printing
$
Transaction Fees (MSRB, PSA, etc.)
$
Freight & Communications
$
Closing Expenses
$
Underwriter’s Counsel Cost
$
Other (please specify)
___________________________________
$
___________________________________
$
TOTAL
$
ADFA expects to receive funds due at closing in the form of a wire transfer and plans to deposit those funds into their account the day of closing. Therefore, if the manager plans to charge for same day funds, the cost should be included as an expense item in this proposal. If it is not included, ADFA will assume there will be no charge for same day funds.
Any fees or expenses not included/disclosed will come directly out of the Underwriters Discount.
Notice of Finding of No Significant Impact & Notice of Intent to Request Release of Funds – Waystone Batesville Family
NOTICE OF FINDING OF NO SIGNIFICANT IMPACT AND NOTICE OF INTENT TO REQUEST RELEASE OF FUNDS
January 20, 2026
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 activities to be undertaken by the Arkansas Development Finance Authority (“ADFA”).
REQUEST FOR RELEASE OF FUNDS
On or about February 5, 2026, 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, and National Housing Trust Fund (“NHTF”) funds under Title I of the Housing and Economic Recovery Act of 2008, as amended, to undertake a project known as Waystone Batesville Family for the purpose of constructing sixty (60) low-income multifamily units (and one (1) clubhouse) on vacant land located approximately north of 320 Broadwater Lane, Batesville, AR 72501. Of the sixty (60) new low-income units, eleven (11) will be HOME units [two (2) 1-bedroom High-HOME units, four (4) 2-bedroom High-HOME units, two (2) 3-bedroom High-HOME units, one (1) 1-bedroom Low-HOME unit, and two (2) 2-bedroom Low-HOME units] and two (2) units will be NHTF units [one (1) 1-bedroom NHTF unit and one (1) 2-bedroom NHTF units]. The funding amount is Two Million One Hundred Fourteen Thousand Four Hundred Thirty-One and 00/100 Dollars ($2,114,431.00) in HOME Funds, HUD Grant/Program Number #M-22-SG-05-0100 and Three Hundred Seventy-Nine Thousand Five Hundred and 00/100 Dollars ($379,500.00), HUD Grant/Program Number #F-24-SG-05-0100. The estimated total project cost is Eleven Million Nine Hundred Ninety-Nine Thousand Nine Hundred Thirty and 00/100 Dollars ($11,999,930.00).
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. All comments received by February 4, 2026, will be considered by ADFA prior to authorizing submission of a request for release of funds. This notice document will be on the ADFA website at adfa.arkansas.gov from the date of this notice until the Authority To Use Grant Funds is issued by HUD. Comments should specify which Notice they are addressing.
ENVIRONMENTAL CERTIFICATION
ADFA certifies to HUD that Robert Arrington in his capacity as President of the Arkansas Development Finance Authority 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 Waystone Batesville Family 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 David Blick at HUD at 600 West Capitol Avenue, Suite #A400, Little Rock, AR 72201 or CPD_GeneralCorr-LIT@HUD.gov. Potential objectors should contact HUD to verify the actual last day of the objection period.
Robert Arrington, President of the Arkansas Development Finance Authority
Notice of Finding of No Significant Impact & Notice of Intent to Request Release of Funds – Waystone Batesville Senior
NOTICE OF FINDING OF NO SIGNIFICANT IMPACT AND NOTICE OF INTENT TO REQUEST RELEASE OF FUNDS
January 20, 2026
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 activities to be undertaken by the Arkansas Development Finance Authority (“ADFA”).
REQUEST FOR RELEASE OF FUNDS
On or about February 5, 2026, 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 Waystone Batesville Senior for the purpose of constructing forty (40) low-income multifamily units (and one (1) community room) on vacant land located approximately north of 480 Broadwater Lane, Batesville, AR 72501. Of the forty (60) new low-income units, nine (9) will be HOME units [four (4) 1-bedroom High-HOME units, three (3) 2-bedroom High-HOME units, one (1) 1-bedroom Low-HOME unit and one (1) 2-bedroom Low-HOME unit]. The funding amount is One Million Six Hundred Ninety-Two Thousand Seven Hundred Seventy-Eight and 00/100 Dollars ($1,692,778.00) in HOME Funds, HUD Grant/Program Number #M-22-SG-05-0100. The estimated total project cost is Seven Million Eight Hundred Fifty-Two Thousand Seven Hundred Seventy-Eight and 00/100 Dollars ($7,852,778.00).
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. All comments received by February 4, 2026, will be considered by ADFA prior to authorizing submission of a request for release of funds. This notice document will be on the ADFA website at adfa.arkansas.gov from the date of this notice until the Authority To Use Grant Funds is issued by HUD. Comments should specify which Notice they are addressing.
ENVIRONMENTAL CERTIFICATION
ADFA certifies to HUD that Robert Arrington in his capacity as President of the Arkansas Development Finance Authority 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 Waystone Batesville Senior 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 David Blick at HUD at 600 West Capitol Avenue, Suite #A400, Little Rock, AR 72201 or CPD_GeneralCorr-LIT@HUD.gov. Potential objectors should contact HUD to verify the actual last day of the objection period.
Robert Arrington, President of the Arkansas Development Finance Authority
Notice of Availability of HOME-ARP Non-Congregate Shelter (NCS)Funding
HOME-ARP Non-Congregate Funding $6,382,683.00 to acquire, rehabilitate, or construct NCS housing units to serve individuals and families of the Qualifying Populations as defined in Notice CPD-21-10.
Applicants responding to this funding opportunity must be ready to build NCS housing within twelve (12) months of the award date.
The application period is December 8, 2025-March 9, 2026. Complete and competitive applications must be submitted via Portal by 4:30 p.m., Monday, March 9, 2026. Applications received after 4:30 p.m. will automatically be denied.
All documents, applications, application requirements, and forms can be found on ADFA’s website.
Applicants must obtain a Provider Number to access the Portal. If an applicant already has a Provider Number, it will not be necessary to obtain another Provider Number.
For more information about the application submission process through the ADFA Programs Portal, please call (501) 682-5929 or email alisa.green@arkansas.gov .
If you need this material in a different format, such as large print, please email alisa.green@arkansas.gov to submit a request.
Below is the link to the full funding notice. Please take the time to carefully review the application criteria, thresholds, and scoring matrix for this grant. NCS NOTICE
Contact Person: Alisa Green, Federal Housing Programs/ MITAS Coordinator, Phone Number:(501) 682-5929, Email: alisa.green@arkansas.gov or Lori Brockway, Federal Housing Programs Manager lori.brockway@arkansas.gov.
REQUEST FOR PROPOSALS – Administration and Implementation of the Single-Family New Construction Program Community Development Block Grant – Disaster Recovery (CDBG-DR 2025)
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 CDBGDR 2025 Action Plan and the HUD Universal Notice (90 FR 1754, March 19, 2025 as amended).
Notice of Finding of No Significant Impact & Notice of Intent to Request Release of Funds – The Villas at Spring Valley
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 – Timber Ridge
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 – Pine Ridge Place
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 – Mount Ida Housing
These notices shall satisfy two separate but related procedural requirements for activities to be undertaken by the Arkansas Development Finance Authority (“ADFA”).
Notice of Availability of Emergency Solutions Grant Funding
Arkansas Development Finance Agency, (ADFA) PO Box 8023 Little Rock, AR 72203-8023
Contact Person: Pagan Williams, Project Supervisor, Horne LLP, on behalf of the Arkansas ESG, Phone Number:(479) 265-4116, Email: ArkansasESG@horne.com
‘ Susan Gardner, Federal Housing Programs Asst Mgr / Software Programs Coordinator, Phone Number: (501) 682-5931. Email: Susan.Gardner@arkansas.gov
Notice of Availability of Emergency Solutions Grant Funding
The Arkansas Development Finance Authority (ADFA) has opened the Emergency Solutions Grant (ESG) Application for the 2025-2026 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 application period is: July 11-August 14, 2025. Complete and competitive applications must be submitted via the Portal by 4:30 p.m., August 14, 2025. Applications received after 4:30 p.m. will automatically be denied.
Before submitting your application through the portal, you must first submit it to your Continuum of Care (CoC) for a preliminary review to ensure alignment. ESG Applications are required to be submitted through the ADFA Programs Portal. Applicants must obtain a Provider Number to access the Portal. If an applicant already has a Provider Number, it will not be necessary to obtain another Provider Number. Click the link below to request a Provider Number.
A virtual webinar will be held on July 10th at 10am. Mandatory attendance is expected to apply for the ESG program. Register in advance for this meeting. After registering, you will receive a confirmation email containing information about joining the meeting.
For more information about the application submission process through the ADFA Programs Portal, please call the Arkansas Development Finance Authority (ADFA) at (501) 682-5931. If you need this material in a different format, such as large print, please email ArkansasESG@horne.com to submit a request.
The Arkansas Development Finance Agency (ADFA) is in compliance with Titles VI and VII of the Civil Rights Act and operates, manages and delivers services without regard to age, religion, disability, political affiliation, veteran status, sex, race, color, or national origin.
Notice of Finding of No Significant Impact & Notice of Intent to Request Release of Funds – Walnut Commons
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 – Stone Ridge at Springdale Phase II
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”).
