(a) The Arkansas Teacher Housing Development Foundation or its designee shall receive proposals from developers for the construction of the rental housing units.
(b) (1) The Director of the Arkansas Teacher Housing Development Foundation shall recommend to the Board of Trustees of the Arkansas Teacher Housing Development Foundation which developer shall construct the rental housing units in each congressional district.
(2) The board shall either approve or reject the director's recommendations for the developer of the rental housing units.
(3) If the board rejects any of the director's recommendations, then the director shall recommend another developer that submitted a proposal.
(4) This process shall continue until a developer is approved by the board for each of the four (4) congressional districts.
(c) A preference shall be given to proposals submitted by developers located in the congressional district of the high-priority school district, but this preference shall not be the single determining factor.
(d) The foundation or its designee shall provide low-interest loans to the selected developers in the amount necessary to construct rental housing units to meet the housing needs for the expected number of high-performing teachers attracted to the area who will choose rental housing units.
(e) (1) Upon completion of the construction of the rental housing units, the developer shall operate the rental housing units until the loan is repaid.
(2) The developer and the foundation shall agree on the amount necessary to compensate the developer for the fair rental value of the rental housing units, considering the amount of rent the teacher is paying.
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