Arkansas Administrative Code Agency 109 - Arkansas Development Finance Authority
The Arkansas Development Finance Authority (ADFA) operates under Agency 109 in the Arkansas Administrative Code. ADFA is responsible for providing financing solutions for housing, economic development, and infrastructure projects across the state. Its regulations encompass a wide range of programs, from single-family homeownership assistance to multi-family housing development and public finance initiatives.
📘 Key Divisions & Rules
The Arkansas Administrative Code for ADFA is organized into several divisions, each focusing on specific areas of development finance:
🏠 Division 03 – Single Family Housing
Rule 109.03.02-001 to 109.03.14-001: These rules detail the procedures and policies for single-family housing programs, including mortgage revenue bonds, down payment assistance, and loan origination processes.(govt.westlaw.com)
🏢 Division 04 – Multi-Family Housing
Rule 109.04.02-001 to 109.04.18-001: This division addresses policies related to multi-family housing, such as the Low-Income Housing Tax Credit (LIHTC) program, compliance monitoring, and the allocation of private activity bonds.(ark.org)
💼 Division 01 – Economic Development
Rule 109.01.02-001 to 109.01.08-001: These rules pertain to economic development initiatives, including financing for business expansions and infrastructure projects.
🏡 Notable Programs & Policies
Mortgage Credit Certificate (MCC) Program: This program provides federal tax credits to eligible first-time homebuyers, reducing their federal income tax liability. The program is detailed in Rule 109.00.11-001. (regulations.justia.com)
Neighborhood Stabilization Program (NSP): Focused on rehabilitating foreclosed or abandoned properties, this program includes requirements for lead-based paint evaluation and compliance with Davis-Bacon wage standards. (casetext.com)
Assisted Living Incentive Fund (ALIF): This fund supports the development of assisted living facilities, ensuring that units remain affordable to low-income individuals for a specified period. (regulations.justia.com)
Below Market Interest Rate Housing Program (BMIR): This program offers financing options for affordable housing projects, aiming to reduce the cost of homeownership for low-to-moderate-income families.(adfa.arkansas.gov)
🧾 Professional Selection Policy
ADFA employs a structured process for selecting professionals such as underwriters, legal counsel, and trustees for its projects. The policy emphasizes transparency, fairness, and the identification of optimal financing structures. Requests for proposals (RFPs) are issued to solicit structured proposals, allowing ADFA to compare and evaluate the qualifications of professionals for specific tasks!
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