(a) The Division of Child Care and Early Childhood Education is authorized to develop and implement, with the technical assistance of the Arkansas Early Childhood Commission, necessary rules to receive, review, and approve applications for loan deficiency guarantee assistance for expansion or development of childcare facilities in this state.
(b) The maximum loan guarantee amount approved by the division shall be modified as necessary to ensure adequate childcare financing availability.
(c) In guaranteeing loans under this subchapter, consideration shall be given to:
(1) Geographic distribution;
(2) Community need;
(3) Community income, with priority given to those communities with the lowest median family income;
(4) Proof of viable administrative and financial management; and
(5) Intended licensure of the facility.
(d) The division shall report each October to the Legislative Council on the status of the Arkansas Child Care Facilities Loan Guarantee Trust Fund.