(a)

1. (1) Applicants for multifamily housing bonds are required to make a formal presentation to the Board Housing Review Committee.
2. (2) A representative of the Staff Housing Review Committee will notify the applicant of the time, place, and recommended content of the presentation.
3. (3) Members of the Board Housing Review Committee and any other members of the Board of Directors of the Arkansas Development Finance Authority present at the meeting will be given the opportunity to ask the applicant questions concerning the Multifamily Housing Application.

(b) The Board Housing Review Committee may consider:

1. (1) Information supplied by the Staff Housing Review Committee relating to the Multifamily Housing Application; and
2. (2) Other information its members may deem necessary.

(c) The Board Housing Review Committee will take action to:

1. (1) Recommend approval of the Multifamily Housing Application to the full Board of Directors of the Arkansas Development Finance Authority with such conditions, if any, as the committee may deem necessary;
2. (2) Recommend the full Board of Directors of the Arkansas Development Finance Authority not approve the Multifamily Housing Application; or
3. (3) Postpone action of the Board Housing Review Committee pending further consideration.

(d) The Board Housing Review Committee’s approval shall be deemed rescinded and the application must be resubmitted in the event the:

1. (1) Staff Housing Review Committee determines there has been a material change from the information provided in the Multifamily Housing Application; or
2. (2) Affected bonds are not issued within one (1) year from the date of the Board Housing Review Committee approval date.