Request for Proposals

By publicly posting the following written disclosure, the Arkansas Development Finance Authority provides confirmation of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.

INDEPENDENT REGISTERED MUNICIPAL ADVISOR CERTIFICATION

The Arkansas Development Finance Authority (ADFA) has retained an independent registered municipal advisor. ADFA is represented by and may rely on its municipal advisor FirstSouthwest, a division of Hilltop Securities Inc., to provide advice on proposals from financial services firms concerning the issuance of municipal securities and municipal financial products (including investments of bond proceeds, escrow investments, etc.), if applicable. As of January 21, 2016, the individual with primary responsibility for advising ADFA on such matters is Steve Kantor. This certification may be relied upon until otherwise updated by ADFA.


OPEN RFP’S

REQUEST FOR PROPOSALS TO PROVIDE MARKET ANALYST SERVICES

The Arkansas Development Finance Authority (“ADFA” or the “Authority”) is charged with the responsibility of administering federal low-income housing tax credits (“Housing Credits”) for the State of Arkansas (the “State”). ADFA is also charged with the responsibility of promulgating rules and regulations concerning the allocation of the Arkansas low-income housing tax credit (the “State Housing Credits”) pursuant to Ark. Code Ann. § 26-51-1701 et seq. The Tax Reform Act of 1986 created the Housing Credit to encourage the private sector to invest in the construction and rehabilitation of housing for low and moderate-income individuals and families. Section 42 of the Internal Revenue Code of 1986, as amended (“IRC” or the “Code”), mandates that housing credit agencies adopt a Qualified Allocation Plan (“QAP”) for allocation of the Housing Credit to low-income rental developments throughout their respective states. Low-income housing tax credits shall be allocated in accordance with this plan or any amendments thereto.

Part of the QAP addresses the need for an Independent Market Study when dealing with rehabilitation developments and tax-exempt bonds. The requirement for an independent market study is detailed in the 2019 QAP, Section I(C)(6) and I.R.C. Section 42(m)(1)(A)(iii).

ADFA would like to solicit proposals from qualified firms to provide the described market studies.

Any 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 firm. ADFA reserves the right to select one or more firms to serve as the market study provider.

Any 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 firm.



REQUEST FOR PROPOSAL ARCHIVE

If you have questions or comments related to RFPs please e-mail Ro Arrington or call 501-682-5910.