Arkansas Development Finance Authority

The board discussed several items including the financial status of various funds such as housing, student loans, and venture capital. Presentations were held regarding the AMS Schools national plan and the Arkansas Venture Development Fund. The board reviewed requests for trustee appointments related to the Arkansas Student Loan Authority and approved contracts funded by the Prison Construction Trust Fund for the Cummins and Varner Wastewater Treatment Plant and the Newport Units door controls. Additionally, the committee addressed the start-up program audit and reviewed reports on federal housing programs.

The board meeting included reports from various committees and divisions, such as the Operations, Housing Review, Audit, and Development Finance committees. Key actions involved the authorization of a reimbursement resolution for future bond proceeds and the approval of marketing and financing for Charter School Revenue Bonds. Additionally, the board discussed the restructuring of committees and heard an update on the Single Family Mortgage Revenue Bonds. Staff reports were provided regarding the president's activities, fiscal updates including financial statements, and performance metrics for the Student Loan Authority Division.

The Board committee meeting included comprehensive financial reports covering funds available for commitment, bond guaranty fund updates, and venture capital investment activity. Key action items included the approval of tax-exempt bonds, low-income housing tax credits, and federal loan programs for the Ford Avenue Flats development in Springdale. Additionally, the committee reviewed various policy manuals for CDBG-DR programs, approved a consultant for the Single Family New Construction program, and received updates on compliance monitoring, budget submissions, and ongoing small business credit initiatives.

The board discussed the issuance of industrial development revenue bonds for the Hybar Steel project and updated committee structures. Reports were provided on the single-family mortgage revenue bond program, including the use of convertible option bonds to preserve volume cap. The board also reviewed the authority's first budget as an independent state instrumentality, progress on the liquidation of industrial properties, and the issuance of an RFP for an information technology managed services provider. Furthermore, financial reports were presented, covering unaudited financial statements for the end of 2025.

The meeting agenda covered several committee activities, including confidential reports on available commitment funds as of January 31, 2026. The Board Asset Commitment Committee reviewed minutes from December 4, 2025, and considered an action item regarding the Bradley County Economic Development Corporation Loan Guaranty, which required retroactive approval for a guarantee from the Bond Guaranty Fund. The Board Housing Review Committee addressed action items including the approval of 4% LIHTC and bond issuance for Siloam Community Gardens, approval for a Tenant Based Rental Assistance (TBRA) request from Conway Housing Authority, and approval of policies and procedures manuals for the CDBG-DR Planning Program and Non-Federal Match. The Arkansas Student Loan Authority Committee reviewed minutes from October 19, 2023, and discussed increasing the loan cap for the Arkansas Education Loan Program, as well as implementing a Health Professionals Graduate Loan Program. The Financial Reporting and Operations Committee reviewed minutes from October 16, 2025, and discussed operating results as of September 30, 2025. No business was conducted during the ADFA Board of Directors Luncheon.