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20-78-505. Loan guarantees — Annual report.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-78-505. Loan guarantees — Annual report.
(a) The Division of Child Care and Early Childhood Education is authorized to develop and implement, with the technical assistance of the Arkansas Early Childhood Commission, necessary rules to receive, review, and approve applications for loan deficiency guarantee assistance for expansion or development of childcare facilities in this state.
(b) The maximum loan guarantee amount approved by the division shall be modified as necessary to ensure adequate childcare financing availability.
(c) In guaranteeing loans under this subchapter, consideration shall be given to:
(1) Geographic distribution;
(2) Community need;
(3) Community income, with priority given to those communities with the lowest median family income;
(4) Proof of viable administrative and financial management; and
(5) Intended licensure of the facility.
(d) The division shall report each October to the Legislative Council on the status of the Arkansas Child Care Facilities Loan Guarantee Trust Fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-78-505
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:20-78-505
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6bc7963ba0018df9689cc963f13a4ccd3e18d6bffbf20eda9425fe89f51b0306
Source location: content.xml paragraph 39858
Stored source content
20-78-505. Loan guarantees — Annual report.
(a) The Division of Child Care and Early Childhood Education is authorized to develop and implement, with the technical assistance of the Arkansas Early Childhood Commission, necessary rules to receive, review, and approve applications for loan deficiency guarantee assistance for expansion or development of childcare facilities in this state.
(b) The maximum loan guarantee amount approved by the division shall be modified as necessary to ensure adequate childcare financing availability.
(c) In guaranteeing loans under this subchapter, consideration shall be given to:
(1) Geographic distribution;
(2) Community need;
(3) Community income, with priority given to those communities with the lowest median family income;
(4) Proof of viable administrative and financial management; and
(5) Intended licensure of the facility.
(d) The division shall report each October to the Legislative Council on the status of the Arkansas Child Care Facilities Loan Guarantee Trust Fund.
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