AR SB471

Increases the Board of Directors of the Arkansas Development Finance Authority from eleven (11) to twelve (12) public members, with four members appointed by the Governor, four by the President Pro Tempore of the Senate, and four by the Speaker of the House of Representatives.

Changes board member removal authority from solely the Governor to the original appointing entity (Governor, Senate President Pro Tempore, or House Speaker) for cause after a public hearing.

Requires each congressional district in Arkansas to be represented by at least three (3) public members on the board.

Mandates the authority award federal low-income housing tax credits equally among Arkansas's four congressional districts each year, with unused credits carried forward one year before reallocation at the authority's discretion.

Applies the same congressional district distribution requirement to affordable neighborhood housing tax credits, with awards going to the highest-scoring applicant in each district according to the authority's Qualified Allocation Plan.

Requires the Arkansas Development Finance Authority to submit selection criteria to the Legislative Council for review and consent before hiring investment bankers, consultants, financial advisors, or attorneys.