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Lawmakers debate restructuring Arkansas Development Finance Authority; bill would free ADFA from some state administrative rules
Summary
Lawmakers heard lengthy testimony on House Bill 17 97 to restructure the Arkansas Development Finance Authority (ADFA), making it an independent, self‑funded entity outside certain state administrative processes. Supporters said the change would make ADFA more competitive and attract private capital; opponents raised concerns about reduced
Mark Konon, president of the Arkansas Development Finance Authority (ADFA), and agency witnesses presented a proposal (House Bill 17 97) to change ADFA’s statutory status so the agency would operate with greater independence from some state administrative rules. Konon and witnesses said ADFA is a self‑funded entity that administers mortgage and housing finance programs, low‑income housing tax credit allocations and other financing tools; they argued that operational flexibility is needed to attract private investors, make timely credit decisions and remain competitive with similarly structured agencies in other states.
Supporters said ADFA does not receive general‑revenue appropriations, is financed by fees and program funds,…
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