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from Rush B. Deacon, President
Direct Line: 501-682-3339
e-mail : rdeacon@adfa.state.ar.us

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$5.811 MILLION IN LOW
INTEREST LOANS
TO HELP HOUSE LOW-INCOME ARKANSANS

On November 16, 2000, the ADFA Board of Directors approved the release of over $5.811 million in low-interest rate loans through Arkansas’ HOME Investment Partnerships Program. The funds originate from a U.S. Housing and Urban Development (HUD) grant and are administered at the state level as a revolving loan fund by the Arkansas Development Finance Authority (ADFA).

Eligible applicants include cities and counties, public agencies such as public housing authorities, non-profit organizations, private developers, and Community Housing Development Organizations (CHDOs).

The HOME Program is one of the few remaining incentives available to developers of housing for low and very low income families.

(Click here for allocation list.)

 

BOARD ACTION
(October/November meetings)

ADFA Board of Directors approved the following actions during its October and November board meetings:

A direct loan in the amount of $150,000 for Southeast Arkansas Education Service Cooperative to increase services and expand a building located in Monticello, AR.

A tax-exempt bond issue with an ADFA guarantee in the amount of $960,000 for Arkansas Ceramic Products, LLC located in Little Rock, AR. The bond issue will be used to purchase land and relocate to a new manufacturing facility in the Otter Creek area. Approximately 30 jobs will be retained.

A conduit tax-exempt bond issue in the amount of $3.275 million for Riceland Foods. The company will be making improvements to its pollution control systems at 13 locations throughout Arkansas.

 

SAVE THIS DATE

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ADFA EMPLOYEE SPOTLIGHT

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Debbie Gentry began working for the Authority in 1981 as an accountant manually reconciling single and multifamily bond issues.

Since 1997, Debbie has performed the duties of ADFA’s compliance officer, working directly with ADFA’s Vice President of Internal Audit. This is a special job within the Authority because she and the V.P. of Internal Audit answer directly to ADFA’s Board of Directors and not to me. They are our checks and balances.

Over the past couple of years, Debbie has been working to develop process flows for the nearly two dozen active ADFA programs. A program’s process flow documents all procedures and guidelines followed by ADFA staff when making a loan. With the near completion of all the process flows, Debbie and the V.P. of Internal Audit will soon begin the regular testing of loans for compliance. Further process flow documentation is also being performed on all of ADFA departments.

Another of Debbie’s major responsibilities is putting together the information for ADFA’s annual Securities and Exchange Commission (SEC) disclosure. This report contains financial information and loan balances on all ADFA bond issues from 1995 to the present. This reporting is required for ADFA to maintain its current bond rating of "A" by Standard and Poors.

Finally, Debbie also assists ADFA’s outside independent auditor with our annual audit.

 

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