from Rush B. Deacon, President
Open Door Awards Recognize
The Arkansas Development Finance Authority (ADFA) presented its second annual Open Door Awards for excellence in housing. The event took place at the Governorís Housing Conference on Friday, May 18, 2001, in a ceremony at the Statehouse Convention Center in Little Rock. The Awards are designed to honor individuals, organizations and projects for their outstanding accomplishments in furthering affordable housing in Arkansas. This yearís winners are: Joe Miller, Executive Director, Universal Housing Corporation, Russellville, AR, winner in the category of "Individual Demonstrating Outstanding Achievement in Affordable Housing"; Joe Maxwell, Vice President, ECS Planning and Management Services, Inc., Conway, AR, winner in the category of "Individual Demonstrating Outstanding Achievement in Affordable Housing"; and the Arc of Arkansas, winner in the category of "Organization Demonstrating Outstanding Achievement in Affordable Housing"
Each winner was chosen based on the following selection criteria: Innovation, Excellence and Commitment.
∑INNOVATION in ideas through design, financing, structuring, leveraging, and partnering
∑EXCELLENCE in providing affordable housing through supportive services, fiscal responsibility and project management, and;
∑COMMITMENT to needs of individuals, communities, and Arkansas in the area of affordable housing.
As the housing finance agency for the state of Arkansas, ADFA is the state agency charged with developing and preserving affordable housing for the citizens of the state. But ADFA has never built or rehabilitated one single house nor developed one multi-family property. That is where our private partners come in - both nonprofit and for-profit organizations. Without them, ADFA is only a pot of resources searching for users. ADFA provides opportunities and resources. They deliver the final product. For that, we applaud them and thank them.
The Many Faces of ADFA
This is the second of eight profiles of individuals who have been touched by ADFAís various programs. We believe that these short stories describe what ADfA and its programs accomplish better than any chart or set of figures.
Fran Souder, with limited mobility and limited income, was living in a mobile home by herself in Northwest Arkansas. The Community Development Corporation of Bentonville and the Bentonville Housing Authority teamed up to build Osage Terrace, a 40-unit senior independent living facility. Among the eight layers of financing required to pull off this very successful, 100% occupied senior development, were HOME program funds and federal Low Income Housing Tax Credits allocated by ADFA.
Fran said, "This is next to heaven. My favorite thing about living here is my independence. Itís all very wonderful. Really, thatís just the way I feel about it."
Approved a loan request in the amount of $150,000 from ADFAís Intermediary Relending Program and a tax-exempt bond issue with an ADFA guarantee in the amount of $350,000 for Short Grass Industries, LLC., of Wynne, AR. The funds will be used to construct and equip a new manufacturing facility for commercial lawnmowers. Approximately 25 jobs will be created.
Approved a tax-exempt bond issue with an ADFA guarantee in the amount of $2,135,000 for Riverside Furniture Corporation located in Ft. Smith, AR. The funds will be used to purchase new equipment. Approximately 150 new jobs will be created.
Approved the following 22 applications for Low Income Housing Tax Credits:
|Project Name||Location/City||# Units||Amount of Credit Awarded|
|Families First II||West Memphis||66||$300,000 Federal / $60,000 State|
Park Plaza III
|West Memphis||24||$157,067 Federal|
|Robinson Apts||Lowell||50||$202,623 Federal|
|Greenbrier Garden||Greenbrier||40||$205,498 Federal|
|Brookstone Park||Clarksville||42||$262,333 Federal / $52,467 State|
|Norfork Villas||Norfork||30||$166,802 Federal|
|Squire Court||Little Rock||154||$300,000 Federal|
|Delta Dream||West Helena||20||$245,405 Federal|
|Chapel Ridge||Monticello||64||$300,000 Federal / $25,763 State|
|Meadowbrook Park||Marianna||42||$258,848 Federal / $51,770 State|
|Argenta Lofts||North Little Rock||56||$300,000 Federal / $60,000 State|
|Birchwood Apts||Lewisville||24||$126,097 Federal|
|Cottonwood Heights||Harrison||64||$101,284 Federal|
|Pine Ridge||Gurdon||21||$104,474 Federal|
|Broadway Apts||Glenwood||15||$28,199 Federal|
|Ken-Del Park||Atkins||25||$36,504 Federal|
|Timber Ridge Manor||Dierks||17||$39,931 Federal|
|Tar-Pas Apartments||Carlisle||22||$135,198 Federal|
|Oak Grove||Osceola||25||$59,113 Federal|
|Village Oaks||Blytheville||19||$45,526 Federal|
|Osage Terrace||Bentonville||45||$300,000 Federal|
Approved the following HOME Program applications: Stuttgart Housing Authority for $256,000; City of Parkdale for $290,000; City of Marvell for $59,569; and Universal Development Corporation of Russellville for $128,616.
Approved a tax-exempt bond issue with an ADFA guarantee in the amount of $420,000 for Thompson Industries, Inc. of Russellville, AR. The company, which makes railroad ties and crossing guard rails, plans to purchase and install a generator that will use waste from operation to generate electricity and reduce utility cost. Approximately 2 to 3 jobs will be created and 37 retained.
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