Message from ADFA President Mac Dodson
Since its creation in 1985, the Arkansas Development Finance Authority (ADFA) has been an important component in Arkansas’ pursuit of economic growth. The Authority helps maintain this growth through a variety of housing, economic development and agricultural activities.
As president of ADFA, I have had
the opportunity to work with investors, developers, local governments,
educational institutions, health care providers, non-profit and for profit
organizations that have been interested in obtaining financial assistance from,
or partnering with ADFA. Some transactions consist of simple direct loans while
our participation in others may be but a small part of a larger, complex, and
multi-faceted development. In either case, ADFA stands as a fine example of an
organization that leverages public and private resources to good effect.
In fiscal years 2002 and 2003, ADFA set lending records through its HomeToOwn Mortage Loan Program. Statewide, ADFA topped 3,500 loans while offering interest rates as low as 4.99%, the lowest in our history. Of those, 46.2 percent utilized our downpayment assistance program which allows first time homebuyers to borrow up to $3,000 to pay for downpayment and closing costs. If ADFA didn’t offer this type of assistance, most of these families would not be homeowners today. Meanwhile, ADFA made an additional $53.5 million in multi-family bond financings and issued over $10 million in federal and state low-income tax-credits for multi-family housing. This created more than 2,500 housing units for working Arkansans making modest incomes. While all of this activity was taking place in homeownership and housing production in 2002 and 2003, ADFA’s Development Finance Division had a hand in making over $200 million in financings for industry, higher education, tourism, healthcare, agriculture, government, clean water, wastewater and even small business. Furthermore, ADFA partnered with other agencies such as ADED in financing in excess of $38.8 million in economic development loans.
Like the rest of the country, Arkansas has had to deal with an economic downturn, yet opportunity exists like never before. Homebuyers and industries have experienced the lowest interest rates in over 30-years. Whenever ADFA assists a young family just starting on the path to homeownership, or aids a retired senior who needs safe haven, helps a farmer or small industry, we are helping improve Arkansas.
As we look forward, ADFA is committed to working with its industry partners and stakeholders to maximize our effectiveness to help make Arkansas the best place in the world in which to live and work.
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