Kristy Cunningham

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.

The meeting agenda included elections for ADFA Board Chairman and Vice Chairman. Key resolutions presented covered authorizing a per-meeting stipend not to exceed eighty-five dollars ($85.00) for non-state employed board members for calendar year 2026, and authorizing a 2026 Single Family Bond Issuance. Committee reports were scheduled from the Asset Commitment, Housing Review, and Arkansas Student Loan Authority Committees. Staff reports included updates on succession planning, an extension granted for 9% Low-Income Housing Tax Credit applications due to winter weather, and the issuance of RFPs for the new Arkansas Student Loan Program underwriter, bond counsel, and trustee, with recommendations anticipated in April. The CFO report detailed positive net income for the four months ending October 2025, despite reconciliation delays, and noted the closing of the Single Family 2025 C and ANRC Revolving Loan Fund Series 2026 bond issues. The Development Finance monthly report discussed ongoing bond guarantee inquiries and confirmed a clean report from the State Bank Department examination of the Bond Guaranty Portfolio, while noting the termination of Arkansas' un-transferred SSBCI Capital Program allocated funds (Tranches 2 and 3). Additionally, resolutions were adopted concerning supplements and amendments for the Big River Steel Project financing agreements, authorizing the issuance of up to $752,000,000 Environmental Improvement Revenue Bonds Series 2026 (United States Steel Corporation Project), and confirming parameters for the Revolving Loan Fund Revenue Bonds, Series 2026. Finally, several resolutions were adopted to implement new rules, regulations, and updated Bylaws for the Authority following the passage of Act 944.

The State of Arkansas's 2025 CDBG-DR Action Plan outlines the use of $59,048,000 in HUD Community Development Block Grant-Disaster Recovery (CDBG-DR) funding for long-term recovery efforts following the 2023 and 2024 severe storms. The plan focuses on five programs: a general planning program, single-family new construction, multi-family new construction, infrastructure in support of housing, and a non-federal FEMA match infrastructure program. These initiatives target unmet needs in housing and infrastructure within the most impacted and distressed (MID) counties of Benton, Cross, and Pulaski, aiming to build resilient, affordable housing and essential infrastructure, enhance community preparedness, and ensure long-term recovery.