REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2007: July 1, 2006 – June 30, 2007
1st Half of FY2007 = July 1, 2006 – December 31, 2006
2nd Half of FY2007 = January 1, 2007 – June 30, 2007
BENTON County
in Congressional District 3
HOMEOWNERSHIP
Home-to-Own (H2O)
General Statistics
|
Time Period |
No. Loans |
Dollar Amount |
Mean Loan Amount |
Median Loan Amount |
|
07/2006 – 12/2006 |
44 |
$5,006,609.00 |
$113,786.57 |
$116,362.50 |
|
01/2007 – 06/2007 |
30 |
$3,461,676.00 |
$115,389.20 |
$117,450.00 |
|
Total FY2007 |
74 |
$8,468,285.00 |
$114,436.28 |
$116,906.25 |
|
Loan Cancellation Rate – Total FY2007: |
19.6% |
Loans by Originator / Branch
|
|
7/1/06 - 12/31/06 |
1/1/07 - 6/30/07 |
TOTAL FY 2007 |
|||
|
ORIGINATOR / BRANCH |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
|
Arvest Mortgage Company, Lowell, AR |
16 |
$1,895,880.00 |
18 |
$2,135,350.00 |
34 |
$4,031,230.00 |
|
Bank of the Ozarks, Little Rock, AR |
1 |
$124,939.00 |
1 |
$109,000.00 |
2 |
$233,939.00 |
|
Benefit Bank, Fort Smith, AR |
1 |
$133,827.00 |
0 |
$0.00 |
1 |
$133,827.00 |
|
Community First Bank, Pea Ridge, AR |
4 |
$422,600.00 |
0 |
$0.00 |
4 |
$422,600.00 |
|
First Arkansas Valley Bank, Russellville, AR |
0 |
$0.00 |
1 |
$159,398.00 |
1 |
$159,398.00 |
|
First Western Mortgage, Inc., Booneville, AR |
1 |
$61,000.00 |
0 |
$0.00 |
1 |
$61,000.00 |
|
First Western Mortgage, Inc., Rogers, AR |
1 |
$94,500.00 |
0 |
$0.00 |
1 |
$94,500.00 |
|
Global Mortgage, Inc., Benton, AR |
0 |
$0.00 |
1 |
$75,480.00 |
1 |
$75,480.00 |
|
Liberty Bank of Arkansas, Springdale, AR |
1 |
$117,500.00 |
2 |
$180,959.00 |
3 |
$298,459.00 |
|
Moore Mortgage, Little Rock, AR |
1 |
$98,719.00 |
4 |
$438,910.00 |
5 |
$537,629.00 |
|
Pulaski Mortgage Company, Bentonville |
3 |
$372,100.00 |
0 |
$0.00 |
3 |
$372,100.00 |
|
Regions Mortgage, Inc., Little Rock, AR |
1 |
$116,000.00 |
0 |
$0.00 |
1 |
$116,000.00 |
|
Simmons First Mortgage of Little Rock, Rogers, AR |
9 |
$1,050,086.00 |
2 |
$224,742.00 |
11 |
$1,274,828.00 |
|
Simmons First Mortgage of Little Rock, Siloam Springs, AR |
4 |
$384,575.00 |
0 |
$0.00 |
4 |
$384,575.00 |
|
United Bank of Springdale, Benton, AR |
0 |
$0.00 |
1 |
$137,837.00 |
1 |
$137,837.00 |
|
Valley Bank, Springdale, AR |
1 |
$134,883.00 |
0 |
$0.00 |
1 |
$134,883.00 |
Loans by New / Existing
|
New / Existing |
Time Period |
No. Loans |
Dollar Amount |
|
Existing Construction |
07/2006 – 12/2006 |
32 |
$3,468,326.00 |
|
01/2007 – 06/2007 |
24 |
$2,586,603.00 |
|
|
Total FY2007 |
56 |
$6,054,929.00 |
|
|
New or Proposed Construction |
07/2006 – 12/2006 |
12 |
$1,538,283.00 |
|
01/2007 – 06/2007 |
6 |
$875,073.00 |
|
|
Total FY2007 |
18 |
$2,413,356.00 |
Loans by Loan Type
|
Loan Type |
Time Period |
No. Loans |
Dollar Amount |
|
FHA |
07/2006 – 12/2006 |
14 |
$1,463,942.00 |
|
01/2007 – 06/2007 |
9 |
$1,117,943.00 |
|
|
Total FY2007 |
23 |
$2,581,885.00 |
|
|
VA |
07/2006 – 12/2006 |
0 |
$0.00 |
|
01/2007 - 06/2007 |
1 |
$91,350.00 |
|
|
Total FY2007 |
1 |
$91,350.00 |
|
|
Conventional |
07/2006 – 12/2006 |
14 |
$1,706,950.00 |
|
01/2007 – 06/2007 |
15 |
$1,770,750.00 |
|
|
Total FY2007 |
29 |
$3,477,700.00 |
|
|
Rural Development |
07/2006 – 12/2006 |
16 |
$1,835,717.00 |
|
01/2007 – 06/2007 |
4 |
$379,339.00 |
|
|
Total FY2007 |
20 |
$2,215,056.00 |
|
|
Unknown |
07/2006 – 12/2006 |
0 |
$0.00 |
|
01/2007 – 06/2007 |
1 |
$102.294.00 |
|
|
Total FY2007 |
1 |
$102,294.00 |
Borrowers’ Profile
|
Ethnicity |
Time Period |
No. Loans |
Dollar Amount |
Percent |
Mean Income |
Median Income |
|
Non-Minority |
07/2006 – 12/2006 |
33 |
$3,543,199.00 |
75.0% |
$39,391.12 |
$42,672.00 |
|
01/2007 – 06/2007 |
25 |
$2,933,276.00 |
83.3% |
$35,150.76 |
$31,020.00 |
|
|
Total FY2007 |
58 |
$6,476,475.00 |
78.4% |
$37,270.94 |
$36,846.00 |
|
|
Minority |
07/2006 – 12/2006 |
10 |
$1,325,810.00 |
22.7% |
$37,530.10 |
$36,169.62 |
|
01/2007 – 06/2007 |
5 |
$528,400.00 |
16.7% |
$32,977.01 |
$35,565.96 |
|
|
Total FY2007 |
15 |
$1,854,210.00 |
20.3% |
$35,253.56 |
$35,867.79 |
|
|
Unknown |
07/2006 – 12/2006 |
1 |
$137,600.00 |
2.3% |
$35,238.84 |
$35,238.84 |
|
01/2007 – 06/2007 |
0 |
$0.00 |
0.0% |
$0.00 |
$0.00 |
|
|
Total FY2007 |
1 |
$137,600.00 |
1.3% |
$35,238.84 |
$35,238.84 |
|
Gender of Head of Household |
Time Period |
No. Loans |
Percent |
|
Male |
07/2006 – 12/2006 |
33 |
75.0% |
|
01/2007 – 06/2007 |
17 |
56.7% |
|
|
Total FY2007 |
50 |
67.6% |
|
|
Female |
07/2006 – 12/2006 |
11 |
25.0% |
|
01/2007 – 06/2007 |
13 |
43.3% |
|
|
Total FY2007 |
24 |
32.4% |
|
Age of Head of Household |
Time Period |
No. Loans |
Percent |
|
18 to 22 |
07/2006 – 12/2006 |
6 |
13.6% |
|
01/2007 – 06/2007 |
7 |
23.3% |
|
|
Total FY2007 |
13 |
17.6% |
|
|
23 to 30 |
07/2006 - 12/2006 |
20 |
45.5% |
|
01/2007 – 06/2007 |
14 |
46.7% |
|
|
Total FY2007 |
34 |
45.9% |
|
|
31 to 40 |
07/2006 – 12/2006 |
10 |
22.7% |
|
01/2007 – 06/2007 |
5 |
16.7% |
|
|
Total FY2007 |
15 |
20.3% |
|
|
41 to 50 |
07/2006 – 12/2006 |
5 |
11.4% |
|
01/2007 – 06/2007 |
3 |
10.0% |
|
|
Total FY2007 |
8 |
10.8% |
|
|
51 to 60 |
07/2006 – 12/2006 |
3 |
6.8% |
|
01/2007 – 06/2007 |
1 |
3.3% |
|
|
Total FY2007 |
4 |
5.4% |
|
|
61 to 70 |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2007 |
0 |
0.0% |
|
|
71+ |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2007 |
0 |
0.0% |
|
|
Average Age |
07/2006 – 12/2006 |
31.8 |
|
|
01/2007 – 06/2007 |
29.3 |
||
|
Total FY2007 |
30.6 |
|
Average Household Size |
07/2006 – 12/2006 |
2.4 |
|
01/2007 – 06/2007 |
2.6 |
|
|
Total FY2007 |
2.5 |
Down Payment Assistance Program (DPA)
General Statistics
|
Time Period |
No. Loans |
Dollar Amount |
Mean Loan Amount |
% of H2O Loans |
|
07/2006 – 12/2006 |
15 |
$50,787.00 |
$3,385.80 |
34.1% |
|
01/2007 – 06/2007 |
12 |
$51,585.09 |
$4,298.76 |
40.0% |
|
Total FY2007 |
27 |
$102,372.09 |
$3,791.56 |
36.5% |
|
Loan Cancellation - Total FY2007: |
20.6% |
Loans by Homebuyer Counselor
|
|
7/1/06 - 12/31/06 |
1/1/07 - 6/30/07 |
TOTAL FY 2007 |
|||
|
HOMEBUYER COUNSELOR |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
|
Credit Counseling of Arkansas |
2 |
$2,300.00 |
5 |
$25,567.00 |
7 |
$27,867.00 |
|
EOA of Washington County |
13 |
$48,487.00 |
7 |
$26,018.09 |
20 |
$74,505.09 |
Loans by New / Existing
|
New / Existing |
Time Period |
No. Loans |
Dollar Amount |
|
Existing Construction |
07/2006 – 12/2006 |
11 |
$34,287.00 |
|
01/2007 – 06/2007 |
11 |
$45,585.09 |
|
|
Total FY2007 |
22 |
$79,872.09 |
|
|
New or Proposed Construction |
07/2006 – 12/2006 |
4 |
$16,500.00 |
|
01/2007 – 06/2007 |
1 |
$6,000.00 |
|
|
Total FY2007 |
5 |
$22,500.00 |
Borrowers’ Profile
|
Ethnicity |
Time Period |
No. Loans |
Dollar Amount |
Percent |
Mean Income |
Median Income |
|
Non-Minority |
07/2006 – 12/2006 |
12 |
$44,487.00 |
80.0% |
$43,360.69 |
$44,470.26 |
|
01/2007 – 06/2007 |
10 |
$46,658.00 |
83.3% |
$40,568.29 |
$42,340.20 |
|
|
Total FY2007 |
22 |
$91,145.00 |
81.5% |
$41,964.49 |
$43,405.23 |
|
|
Minority |
07/2006 – 12/2006 |
3 |
$6,300.00 |
20.0% |
$37,310.80 |
$35,813.76 |
|
01/2007 – 06/2007 |
2 |
$4,927.09 |
16.7% |
$28,536.06 |
$28,536.06 |
|
|
Total FY2007 |
5 |
$11,227.09 |
18.5% |
$32,923.43 |
$32,174.91 |
|
Gender of Head of Household |
Time Period |
No. Loans |
Percent |
|
Male |
07/2006 – 12/2006 |
13 |
86.7% |
|
01/2007 – 06/2007 |
9 |
75.0% |
|
|
Total FY2007 |
22 |
81.5% |
|
|
Female |
07/2006 – 12/2006 |
1 |
6.7% |
|
01/2007 – 06/2007 |
3 |
25.0% |
|
|
Total FY2007 |
4 |
14.8% |
|
|
Unknown |
07/2006 – 12/2006 |
1 |
6.6% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2007 |
1 |
3.7% |
|
Age of Head of Household |
Time Period |
No. Loans |
Percent |
|
18 to 22 |
07/2006 – 12/2006 |
2 |
13.3% |
|
01/2007 – 06/2007 |
3 |
25.0% |
|
|
Total FY2007 |
5 |
18.5% |
|
|
23 to 30 |
07/2006 – 12/2006 |
7 |
46.7% |
|
01/2007 – 06/2007 |
6 |
50.0% |
|
|
Total FY2007 |
13 |
48.1% |
|
|
31 to 40 |
07/2006 – 12/2006 |
4 |
26.7% |
|
01/2007 – 06/2007 |
1 |
8.3% |
|
|
Total FY2007 |
5 |
18.5% |
|
|
41 to 50 |
07/2006 – 12/2006 |
2 |
13.3% |
|
01/2007 – 06/2007 |
1 |
8.3% |
|
|
Total FY2007 |
3 |
11.1% |
|
|
51 to 60 |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
1 |
8.3% |
|
|
Total FY2007 |
1 |
3.7% |
|
|
61 to 70 |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
71+ |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2007 |
0 |
0.0% |
|
|
Average Age |
07/2006 – 12/2006 |
30.6 |
|
|
01/2007 – 06/2007 |
29.2 |
||
|
Total FY2007 |
29.9 |
|
Average Household Size |
07/2006 – 12/2006 |
2.0 |
|
01/2007 – 06/2007 |
2.8 |
|
|
Total FY2007 |
2.4 |
American Dream Downpayment Initiative (ADDI) Program
General Statistics
|
Time Period |
No. Loans |
Dollar Amount |
Mean Loan Amount |
% of H2O Loans |
|
07/2006 – 12/2006 |
4 |
$24,392.00 |
$6,098.00 |
9.1% |
|
01/2007 – 06/2007 |
4 |
$24,056.11 |
$6,014.03 |
9.1% |
|
Total FY2007 |
8 |
$48,448.11 |
$6,056.01 |
10.8% |
|
Loan Cancellation Rate - Total FY2007: |
33.3% |
Loans by Homebuyer Counselor
|
|
7/1/06 - 12/31/06 |
1/1/07 - 6/30/07 |
TOTAL FY 2007 |
|||
|
HOMEBUYER COUNSELOR |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
|
EOA of Washington County |
4 |
$24,392.00 |
3 |
$20,182.11 |
7 |
$44,574.11 |
|
Family Service Agency |
0 |
$0.00 |
1 |
$3,874.00 |
1 |
$3,874.00 |
Loans by New / Existing
|
New / Existing |
Time Period |
No. Loans |
Dollar Amount |
|
Existing Construction |
07/2006 – 12/2006 |
3 |
$14,922,00 |
|
01/2007 – 06/2007 |
3 |
$15,839.00 |
|
|
Total FY2007 |
6 |
$30,761.00 |
|
|
New or Proposed Construction |
07/2006 – 12/2006 |
1 |
$9,470.00 |
|
01/2007 – 06/2007 |
1 |
$8,217.11 |
|
|
Total FY2007 |
2 |
$17,687.11 |
Borrowers’ Profile
|
Ethnicity |
Time Period |
No. Loans |
Dollar Amount |
Percent |
Mean Income |
Median Income |
|
Non-Minority |
07/2006 – 12/2006 |
4 |
$24,392.00 |
100.0% |
$35,074.71 |
$34,898.22 |
|
01/2007 – 06/2007 |
3 |
$17,091.11 |
75.0% |
$25,533.08 |
$22,980.00 |
|
|
Total FY2007 |
7 |
$41,483.11 |
87.5% |
$30,303.90 |
$28,939.11 |
|
|
Minority |
07/2006 – 12/2006 |
0 |
$0.00 |
0.0% |
$0.00 |
$0.00 |
|
01/2007 – 06/2007 |
1 |
$6,965.00 |
25.0% |
$32,604.00 |
$32,604.00 |
|
|
Total FY2007 |
1 |
$6,965.00 |
12.5% |
$32,604.00 |
$32,604.00 |
|
Gender of Head of Household |
Time Period |
No. Loans |
Percent |
|
Male |
07/2006 – 12/2006 |
2 |
50.0% |
|
01/2007 – 06/2007 |
2 |
50.0% |
|
|
Total FY2007 |
4 |
50.0% |
|
|
Female |
07/2006 – 12/2006 |
2 |
50.0% |
|
01/2007 – 06/2007 |
2 |
50.0% |
|
|
Total FY2007 |
4 |
50.0% |
|
Age of Head of Household |
Time Period |
No. Loans |
Percent |
|
18 to 22 |
07/2006 – 12/2006 |
1 |
25.0% |
|
01/2007 – 06/2007 |
1 |
25.0% |
|
|
Total FY2007 |
2 |
25.0% |
|
|
23 to 30 |
07/2006 – 12/2006 |
1 |
25.0% |
|
01/2007 – 06/2007 |
1 |
25.0% |
|
|
Total FY2007 |
2 |
25.0% |
|
|
31 to 40 |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
2 |
50.0% |
|
|
Total FY2007 |
2 |
50.0% |
|
|
41 to 50 |
07/2006 – 12/2006 |
1 |
25.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2007 |
1 |
12.5% |
|
|
51 to 60 |
07/2006 – 12/2006 |
1 |
25.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2007 |
1 |
12.5% |
|
|
61 to 70 |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
71+ |
07/2006 – 12/2006 |
0 |
0.0% |
|
01/2007 – 06/2007 |
0 |
0.0% |
|
|
Total FY2007 |
0 |
0.0% |
|
|
Average Age |
07/2006 – 12/2006 |
37.8 |
|
|
01/2007 – 06/2007 |
30.3 |
||
|
Total FY2007 |
34.1 |
|
Average Household Size |
07/2006 – 12/2006 |
3.3 |
|
01/2007 – 06/2007 |
3.5 |
|
|
Total FY2007 |
3.4 |
|
TOTAL HOMEOWNERSHIP: |
|
||
|
07/2006 – 12/2006 |
01/2007 – 06/2007 |
Total FY2007 |
|
|
$5,081,788.00 |
$3,537,317.20 |
$8,619,105.20 |
|
HOUSING PRODUCTION (HP)
Program Partners:
N/A
HOME Allocations / Board Approvals by Type
No HOME Program Activity FY2007
Low Income Housing Tax Credits / Board Approvals (only one round per fiscal year)
No LIHTC Program Activity FY2007
Multifamily Housing Bonds
No Multifamily Housing Bond Activity FY2007
|
TOTAL HOUSING PRODUCTION: |
|
||
|
07/2006 – 12/2006 |
01/2007 – 06/2007 |
Total FY2007 |
|
|
$0.00 |
$0.00 |
$0.00 |
|
DEVELOPMENT FINANCE
|
Program |
Time Period |
No. Projects |
Project Amount |
Average Project Amount |
|
Bond Guaranty |
07/2006 – 12/2006 |
0 |
$0.00 |
$0.00 |
|
01/2007 – 06/2007 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2007 |
0 |
$0.00 |
$0.00 |
|
|
Higher Education Facilities |
07/2006 – 12/2006 |
0 |
$0.00 |
$0.00 |
|
01/2007 – 06/2007 |
1 |
$4,000,000.00 |
$4,000,000.00 |
|
|
Total FY2007 |
1 |
$4,000,000.00 |
$4,000,000.00 |
|
|
Wastewater Revolving Loan Fund |
07/2006 – 12/2006 |
0 |
$0.00 |
$0.00 |
|
01/2007 – 06/2007 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2007 |
0 |
$0.00 |
$0.00 |
|
|
Safe Drinking Water Revolving Loan Fund |
07/2006 – 12/2006 |
0 |
$0.00 |
$0.00 |
|
01/2007 – 06/2007 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2007 |
0 |
$0.00 |
$0.00 |
|
|
State Facilities Financing |
07/2006 – 12/2006 |
0 |
$0.00 |
$0.00 |
|
01/2007 – 06/2007 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2007 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2007 |
0 |
$0.00 |
$0.00 |
|
|
Other (Special Projects, Interim Loans, Conduit Issues, Capital Access) |
07/2006 – 12/2006 |
0 |
$0.00 |
$0.00 |
|
01/2007 – 06/2006 |
1 |
$1,575.00 |
$1,575.00 |
|
|
Total FY2007 |
1 |
$1,575.00 |
$1,575.00 |
|
DEVELOPMENT FINANCE: |
|
||
|
07/2006 – 12/2006 |
01/2007 – 06/2007 |
Total FY2007 |
|
|
$0.00 |
$4,001,575.00 |
$4,001,575.00 |
|
OTHER PROGRAM(S)
Rehab / Disability Loan Program
No Rehab / Disability Loan Program Activity FY2007
TOTAL FUNDS FOR
BENTON COUNTY
|
07/2006 – 12/2006 |
01/2007 – 06/2007 |
Total FY2007 |
|
$5,081,788.00 |
$7,538,892.20 |
$12,620,680.20 |