Learn about Arkansas Development Finance Authority, including Featured News and The Team.
ADFA is a public body politic and corporate, created in 1985 as successor to the Arkansas Housing Development Agency created in 1977. ADFA’s enabling legislation authorizes it to borrow money and issue bonds to provide sufficient funding for financing affordable housing, various business and economic development projects, and capital improvements for state agencies. Effective 7/1/2017, Arkansas Student Loan Authority merged with ADFA. Both ADFA and ASLA are self-funded primarily through investment and loan earnings. ADFA also receives federal funds. ADFA is the exclusive issuer of bonds for state agencies. Neither ADFA nor ASLA is a regulatory or licensing agency. ADFA (including ASLA) is governed by a 14-member board of directors, consisting of the Director of DFA, the Treasurer of the State, eleven public members appointed by the Governor, and the President of the Authority (non-voting).
The bond sale follows a review of the State’s bond rating by S & P Global Ratings earlier this month.
Arkansas maintains a “AA/Stable” rating which is reflective of the State of Arkansas’s balanced budget
and low unemployment.
Standard & Poor's Ratings Services has raised its rating on all bonds guaranteed by either the Arkansas
Development Finance Authority (ADFA) or Arkansas Economic Development Commission (AEDC)
Guaranty Programs to 'A+' from 'A'.
The Arkansas Development Finance Authority (ADFA) Board of Directors today awarded federal housing tax credits to thirteen affordable rental projects totaling more than $70 million in equity to build and preserve 464 affordable housing units in Benton, Crawford, Crittenden, Desha, Faulkner, Garland, Mississippi, Pulaski and Washington counties.
“The housing tax credits awarded today are the single largest source of funding for the development of quality affordable rental housing in Arkansas and will provide nearly 500 individuals and families with homes,” said ADFA President Aaron Burkes.
The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Low Income Housing Tax Credit (LIHTC) program. ADFA is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.
