Ark. Code Ann. § 14-169-218: Financing of project

A housing authority shall have the power to:

(1) Purchase promissory notes, and the mortgages or trust deeds securing them, issued by any builder or developer engaged in constructing dwelling units to be sold or leased to the authority as part of any housing project;

(2) Make loans to any such builder or developer in order to aid in financing any housing project; and

(3) Issue its bonds for any such purpose.