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15-5-1705. Sources and deposits — Administration of Arkansas Housing Trust Fund — Responsibilities of the Arkansas Development Finance Authority.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1705. Sources and deposits — Administration of Arkansas Housing Trust Fund — Responsibilities of the Arkansas Development Finance Authority.
(a) The following moneys shall be deposited into the Arkansas Housing Trust Fund:
(1) Money designated by the General Assembly or by the Governor for the purpose of funding the fund;
(2) Grants or other moneys from the federal government or federal agencies that can be used for the purpose of funding the fund;
(3) Any money received by the Arkansas Development Finance Authority or the state from private sources as a contribution, gift, or donation to the fund;
(4) Repayments of any loans made from the fund under this subchapter;
(5) Any interest or investment earnings on amounts held in the fund; and
(6) Any other money legally designated for the fund.
(b) The fund shall be maintained and administered by the authority. The authority is authorized and directed:
(1) To invest and reinvest all money held in the fund in investments under the authority's investment policies, pending its use for the purposes described in this subchapter;
(2) To keep books and records relating to the investment, interest earnings, and uses of moneys deposited into the fund;
(3) To establish procedures for the withdrawal, allocation, and use of the moneys held in the fund for the purposes described in this subchapter;
(4) To cause to be prepared an annual independent audit of the fund;
(5) To enter into contracts and agreements in connection with the operation of the fund, including contracts and agreements with federal agencies, local governmental entities, community developers, and other persons, to implement this subchapter;
(6) To develop rules for the competitive evaluation of projects seeking to receive moneys from th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1705
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-5-1705
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c5867f1575e116f1d7f9c32d280db04eb6096a704325bb50dbcb895d70e93194
Source location: content.xml paragraph 9603
Stored source content
15-5-1705. Sources and deposits — Administration of Arkansas Housing Trust Fund — Responsibilities of the Arkansas Development Finance Authority.
(a) The following moneys shall be deposited into the Arkansas Housing Trust Fund:
(1) Money designated by the General Assembly or by the Governor for the purpose of funding the fund;
(2) Grants or other moneys from the federal government or federal agencies that can be used for the purpose of funding the fund;
(3) Any money received by the Arkansas Development Finance Authority or the state from private sources as a contribution, gift, or donation to the fund;
(4) Repayments of any loans made from the fund under this subchapter;
(5) Any interest or investment earnings on amounts held in the fund; and
(6) Any other money legally designated for the fund.
(b) The fund shall be maintained and administered by the authority. The authority is authorized and directed:
(1) To invest and reinvest all money held in the fund in investments under the authority's investment policies, pending its use for the purposes described in this subchapter;
(2) To keep books and records relating to the investment, interest earnings, and uses of moneys deposited into the fund;
(3) To establish procedures for the withdrawal, allocation, and use of the moneys held in the fund for the purposes described in this subchapter;
(4) To cause to be prepared an annual independent audit of the fund;
(5) To enter into contracts and agreements in connection with the operation of the fund, including contracts and agreements with federal agencies, local governmental entities, community developers, and other persons, to implement this subchapter;
(6) To develop rules for the competitive evaluation of projects seeking to receive moneys from the fund and as needed to implement this subchapter; and
(7) To engage in ongoing efforts to increase funding sources for the fund, including any additional ongoing state-dedicated funding source.
(c) The authority shall seek the input of the Arkansas Housing Trust Fund Advisory Committee created by § 15-5-1706, but the Board of Directors of the Arkansas Development Finance Authority shall have the final decision-making authority on all matters relating to the fund and the programs administered under this subchapter.
(d)(1) To reimburse the authority for its services in administering the fund, the authority shall be periodically paid a reasonable fee from amounts deposited to the fund.
(2) On an annual basis, the authority shall not be paid in excess of six percent (6%) of the total annual deposits to the fund or the average outstanding balance of the assets of the fund, whichever is greater.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1706. Creation of Arkansas Housing Trust Fund Advisory Committee.
(a)(1) There is created the Arkansas Housing Trust Fund Advisory Committee for the purpose of advising the staff and the Board of Directors of the Arkansas Development Finance Authority with respect to the Arkansas Housing Trust Fund.
(2) The members of the advisory committee shall be residents of the state and should, to the extent possible, reflect the demographics of the state with respect to geography, race, gender, and urban-rural mix.
(3) The members of the advisory committee shall be entitled to expense reimbursement under § 25-16-902 from amounts deposited into the fund.
(4) Each member of the advisory committee should have a demonstrated interest in the housing needs of individuals and families with low or moderate incomes and the revitalization of distressed neighborhoods.
(b) The advisory committee shall consist of eleven (11) members with the qualifications under § 15-5-1705 to be appointed by the Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate, as follows:
(1) A representative of the financial industry, appointed by the Governor;
(2) A beneficiary of assistance in rental housing or home ownership, appointed by the Governor;
(3) An advocate for the homeless, appointed by the Governor;
(4) A representative of the real estate industry, appointed by the Governor;
(5) A representative from the economic development field, appointed by the Governor;
(6) A developer of affordable housing, appointed by the Governor;
(7) A citizen, appointed by the Governor;
(8) A consumer advocate with experience as a fair-housing advocate, housing counselor, or affordable housing advocate, appointed by the Speaker of the House of Repres
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1706
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-1706. This identifies an authority to review, not proof of applicability.