A New Leader for Arkansas' Biggest Bond Issuer

Robert "Ro" Arrington is now the permanent leader of the Arkansas Development Finance Authority. This group is the state's largest bond issuer. Arrington had been filling in as interim president since August. He took over after the previous leader, Mark Conine, stepped down. Arrington has been part of the authority since 2014. Before this, he was the vice president. In that role, he managed the authority's bond issuance and a program for homeownership. Last year, this program helped close a record amount in mortgage loans. That's over $323. 5 million. Now, Arrington will lead a team of more than 55 people. He will also oversee the state's bond programs. These programs help with economic development, housing, and education projects. The authority was created in the 1980s by former Governor Bill Clinton. The authority's board chair, Carey Smith, praised Arrington's leadership. Smith believes Arrington is the right person to expand affordable housing and economic opportunities in Arkansas. Recently, state lawmakers passed a new law. Act 994 allows the authority to operate independently. Before, it was part of the state Department of Commerce. The previous leader, Conine, thought this change would attract more capital. It would also help build affordable housing faster. Arrington studied at the University of Arkansas in Fayetteville. Before joining the authority, he worked in public finance roles at Arkansas-based investment banks.