The Arkansas Development Finance Authority (ADFA) has named a new president.
Bryan Scoggins has been appointed to assume the role of ADFA president, where he will move from his current position as Arkansas Economic Development Commission Director of Business Finance. He is taking over as ADFA president from Cheryl Schluterman, who has served in the role since October 2018.
Scoggins, who was voted on by the ADFA Board of Directors on Thursday, Aug. 15, assumes the position immediately.
“I am pleased to return to ADFA and appreciate the confidence that Governor Hutchinson, Secretary Preston and the ADFA Board of Directors have shown to provide me this opportunity,” Scoggins said. “I look forward to continuing the close association between AEDC and ADFA under the Department of Commerce.”
Created in 1977, the ADFA is a successor to the Arkansas Housing Development Agency. This public agency is authorized to borrow money and issue bonds in order to finance affordable housing, economic development projects and state agency capital improvements. According to the agency’s website, the ADFA is the exclusive provider for bonds for state agencies.
Previously, Scoggins worked for the ADFA in 1989, performing credit analysis for industrial revenue bond transactions. Since 2001, he has served as AEDC’s Director of Business Finance.
During his AEDC tenure, he implemented multiple programs, including the Governor’s Quick Action Closing Fund, State New Market Tax Credit Program and the Equity Investment Tax Credit Program.