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Press Release

For Immediate Release
October 6, 2006

Contact:           Vice President of Finance and Administration Leigh Ann Biernat
                        501-682-5995

ADFA Communications Manager Derrick Rose
501-682-5904
                    

Arkansas Development Finance Authority
Recognized For Innovative Financing Program

 

On September 18, the Arkansas Development Finance Authority was recognized for outstanding achievement by the National Council of State Housing Finance Agencies in the category of Management Innovation:  Finance. 

The award is related to a new bond draw-down program issued in June, 2006.  The Authority, working with a team of finance professionals consisting of First Southwest Company, Morgan Keegan and Kutak Rock, created a financing mechanism that uses a combination of ADFA issued variable rate general obligation bonds and mortgage-backed securities to ultimately provide lower cost mortgages to low and moderate income homebuyers in Arkansas.

The winners were chosen from 124 entries from across the country and winning programs will serve as models for other HFAs “It is my understanding that this program is already being proposed to and considered by other state housing finance agencies,” said Vice President of Finance and Administration Leigh Ann Biernat.  “It is this kind of sharing that has made all housing finance agencies stronger and more successful in achieving our common mission of providing affordable housing for those who need it.”

The NCSHA is a national, nonprofit organization created by the nation’s state housing finance agencies to assist them in increasing housing opportunities for lower income and underserved people through the financing, development, and preservation of affordable housing.

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