§ 15-5-1705 — Sources and deposits - Administration of Arkansas Housing Trust Fund - Responsibilities of the Arkansas Development Finance Authority

Arkansas § 15-5-1705

• Jurisdiction: Arkansas
• Title: 15

Text

(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 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.

Legislative History

Amended by Act 2023, No. 365,§ 29, eff. 7/1/2023. Acts 2009, No. 661, § 1.