Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee approves Sullivan plan to change ADFA appointments and district allocations for housing tax credits
Summary
The Senate Insurance & Commerce Committee passed an amended bill by Senator Sullivan to reconstitute the ADFA board (4 governor/4 senate/4 house appointees), require consideration steps for appointees, and change some Qualified Allocation Plan (QAP) rules including immediate reallocation of unused tax credits; ADFA members testified against the district allocation mechanics.
The Senate Insurance & Commerce Committee voted to report an amended bill from Senator Sullivan that restructures appointments to the Arkansas Development Finance Authority board and changes aspects of the state’s Qualified Allocation Plan for low-income housing tax credits.
Senator Sullivan, sponsor of the legislation, said the amendment clarifies confirmation procedures and adds guidance for how appointing authorities should consider potential appointees. "It's hard to find people to serve on these boards sometimes," he told the committee, explaining the amendment adds factors to ease appointment decisions and changes wording on award allocation to "in a manner that is substantially equal." He also said unused tax credits "may be immediately allocated to the use of 1 or more applications," and outlined staggered initial terms for reconstituted board seats.
T…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
