Multifamily housing bonds — Board of directors’ approval
Arkansas Code § 15-5-318; Arkansas Code § 15-5-603; Arkansas Code § 15-5-604; Arkansas Code § 15-5-605
- (a) The Board of Directors of the Arkansas Development Finance Authority will consider a Multifamily Housing Application no sooner than the next scheduled Board of Directors of the Arkansas Development Finance Authority meeting in a calendar month following the month of the Board Housing Review Committee approval date.
(b) Upon consideration of such matters as it deems necessary, the Board of Directors of the Arkansas Development Finance Authority may:
- (1) Take action to approve or deny the Multifamily Housing Application; or
- (2) Take no action regarding the Multifamily Housing Application.
- (c) Upon approval of a Multifamily Housing Application by the Board of Directors of the Arkansas Development Finance Authority, the applicant may submit its Application for Reservation of Volume Cap to the President of the Arkansas Development Finance Authority, which shall be accepted and reserved in accordance with 15 CAR §§ 73-105, 73-106, and 73-107.
- (d) Applicants for multifamily housing bonds may request that the Board of Directors of the Arkansas Development Finance Authority and the president concurrently approve of the applicant’s Multifamily Housing Application, Application for Reservation of Volume Cap, and a resolution authorizing the issuance of the multifamily housing bonds at the same meeting, provided a shortage of volume cap has not been declared affecting such bonds.