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from Rush B. Deacon, President
Direct Line: 501-682-3339

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JUNE 2001

Open Door Awards Recognize
Outstanding Accomplishments


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."

Board actions
(APRIL/MAY meetings)

ADFA Board of Directors approved the following actions during its April and May board meetings:

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

Pine Valley                

Malvern                           44 $121,267 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

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