LITTLE ROCK, Ark. (KTHV) - Argenta Community Development Corp., the nonprofit that help spur redevelopment in downtown North Little Rock, is facing new challenges and an uncertain future.
Among its financial difficulties, a foreclosure lawsuit filed against it after defaulting on a $560,000 loan.
Simmons First National Bank of Pine Bluff filed the foreclosure lawsuit against the CDC last month.
As of now, it looks like Simmons will end up taking over the property at 709 to 715 Main St. in North Little Rock, which the CDC used to secure the loan.
That's because the CDC says it simply doesn't have the money to pay the debt and hasn't been able to find a buyer.
Money has been at the center of the nonprofit's troubles in the last several years. Its previous director, Mary Beth Bowman, resigned in 2013.