TO AUTHORIZE THE FINANCING OF ENERGY EFFICIENCY IMPROVEMENTS, ALTERNATIVE ENERGY IMPROVEMENTS, BUILDING RESILIENCY IMPROVEMENTS, AND WATER CONSERVATION IMPROVEMENTS.

SB 448 authorizes local governments in Arkansas to create financing districts that enable property owners to fund energy efficiency, renewable energy, building resilience, and water conservation improvements through special property assessments. These assessments are added to property tax bills or collected privately by third parties, remain tied to the property (not the owner), and do not use public tax revenue or require government repayment. The program applies to commercial, mixed-use, and multifamily residential properties, with financing structured as a non-governmental obligation. This legislation establishes a formal process for local districts to administer such financing under Arkansas law.