AR SB475

Increases Arkansas Development Finance Authority board membership from 11 to 12 public members, with 4 appointed by the Governor (subject to Senate confirmation), 4 by the President Pro Tempore of the Senate, and 4 by the Speaker of the House of Representatives.

Changes board member removal authority from the Governor alone to the original appointing entity, allowing removal for cause after a public hearing.

Requires federal low-income housing tax credits and Arkansas Development Finance Authority small business loans to be distributed substantially equally among the state's four congressional districts each year, with unused credits/loans reallocated if insufficient applications exist in a district.

Mandates Legislative Council review and consent before the authority may hire investment bankers, consultants, professional financial advisors, or attorneys.

Modifies affordable neighborhood housing tax credit distribution to award credits equally among congressional districts, with unused credits carried forward one year before reallocation, and highest-scoring applicants in each district prioritized according to the Qualified Allocation Plan.