OPEN DOOR AWARDS!
The Arkansas Development Finance Authority (ADFA) presented, for the first time, the Open Door Awards for excellence in housing on Wednesday, May 3, 2000, in a ceremony at the State House Convention Center in Little Rock. The Awards, presented during the Governors Housing Conference, are designed to honor individuals, organizations and project for their outstanding accomplishments in furthering affordable housing in Arkansas. This years winners are Tom Embach of Mountain Home for Outstanding Achievement in Affordable Housing, North Little Rocks Argenta Community Development Corporation for Homeownership Initiative, Osage Terrace Apartments in Bentonville for Rental Housing Initiative (new construction), and The Kramer School Artist Cooperative in Little Rock for Rental Housing Initiative (acquisition & rehabilitation).
Each winner was chosen based on criteria unique to each category such as project design and structure, innovation, partnerships, commitment to the highest ideals of affordable housing and meeting community affordable housing needs.
Since its creation in 1977, the Arkansas Development Finance Authority has financed more than 56,000 affordable homes and apartments for Arkansas citizens.
(April and May meetings)
ADFA Board of Directors approved the following actions during its April and May board meetings:
An interim loan in the amount of $385,950 for Northern Technologies Manufacturing Corporation located in Pocahontas, AR. Over the next two years approximately 41 new jobs will be created.
The issuance of not to exceed $3.75 million in Multifamily Housing Revenue Bonds to finance the construction, acquisition and equipping of Chapel Ridge Apartments located in Jacksonville, AR.
Conditional approval of a tax-exempt bond issue with an ADFA guarantee in the amount of $330,000 for ContourMed, Inc., located in Little Rock, AR. Approximately 23 new jobs will be created over the next two years.
A short term direct loan for an amount not to exceed $761,870 for Princeton Tulip Water Association located in Carthage, AR. The new association will benefit 262 new users.
A tax-exempt bond issue with an ADFA guarantee in the amount of $1.285 million for Brent and Sams Cookies, Inc. located in North Little Rock, AR. Approximately 10 jobs will be created.
A tax-exempt Agricultural Bond issue in the amount of $210,000 for Michael L. Brown for the acquisition of land located near Harrison, AR.
The issuance of not to exceed $5.075 million in Multifamily Housing Revenue Bonds to finance the construction, acquisition and equipping of the Meadows Apartments located in West Memphis, AR.
A taxable bond issue with an ADFA guarantee in the amount of $3,385,000 for Maverick Tube Corporation located in Hickman, AR. Approximately 300 new jobs will be created over the next three years.
State Agency Governmental Short Term Financing in the amount of $750,000 for the Arkansas Crime Information Center located in Little Rock, AR.
ADFA Employee Spotlight
Martin Royal worked for ADFA as a temporary before accepting a full time position as Staff Accountant in August 1998. His primary responsibility is the servicing of single family loans. This consists of reviewing lenders remittance reports and confirming the status of the loans (i.e. if the loans are prepaid, delinquent, have any curtailments or overpayments). Martin also provides financial information to trustees needed to accurately report reductions in ADFA bond debt.
Martin, who resides in Sheridan, is also an aspiring musician, playing both the guitar and bass.
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