§ 15-5-605 - Special rules for allocation of volume cap for multifamily residential housing bonds.
15-5-605. Special rules for allocation of volume cap for multifamily residential housing bonds.
(a) Notwithstanding 15-5-604(c), the priority allocation of volume cap to multifamily residential housing bonds, whether the bonds are issued by the Arkansas Development Finance Authority or by any other issuer, shall not be determined based solely on the date of the reservation filing.
(b) Multifamily residential housing bonds shall be granted a priority based upon the decision of the authority in accordance with rules and regulations establishing criteria to determine priority for multifamily residential housing bonds.
(c) The rules and regulations may provide for the priority of the allocation to be based upon:
(1) The need for multifamily residential housing in the particular area of the state in which the project is to be located;
(2) The characteristics of the proposed project; and
(3) Any other factors as determined necessary by the authority.
(d) The authority shall promulgate rules and regulations to establish criteria to determine priority for multifamily residential housing bonds in accordance with the Arkansas Administrative Procedure Act, 25-15-201 et seq.