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Congressional District 2

  1. Conway
  2. Faulkner
  3. Perry
  4. Pulaski
  5. Saline
  6. Van Buren
  7. White
  8. Yell

 

 

REPORT OF PROGRAM ACTIVITY

FISCAL YEAR 2006:  July 1, 2005 – June 30, 2006

With Comparison to FY 2005 Report

 

See “Statewide” Section for list of FY 2006 Bond Issuances

 

 

CONGRESSIONAL DISTRICT 2

 

 

CountiesConway, Faulkner, Perry, Pulaski, Saline, Van Buren, White and Yell

 

HOMEOWNERSHIP

 

HOME-TO-OWN PROGRAM’s Loan Statistics

 

FY

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

MEDIAN LOAN AMT.

2006

216

$16,952,188.53

$78,482.35

$76,115.00

2005

197

$14,793,472.00

$75,093.77

$75,899.00

 

Loans by Originator

 

Originator / Branch

FY

No. Loans

Dollar Amount

Arkansas Federal Credit Union, Jacksonville, AR

2006

3

$222,150.00

2005

5

$364,700.00

Arvest Mortgage Company, Lowell, AR

2006

7

$524,337.00

2005

13

$950,069.00

Bank of Dardanelle, Russellville, AR

2006

24

$1,587,577.00

2005

19

$1,142,393.00

Bank of the Ozarks, Little Rock, AR

2006

9

$828,592.53

2005

6

$394,113.00

Cornerstone Mortgage Center, Little Rock, AR

2006

8

$623,836.00

2005

3

$195,812.00

Countrywide Home Loans, Inc., North Little Rock, AR

2006

1

$85,655.00

2005

17

$1,491,514.00

Elk Horn Bank Trust, Arkadelphia, AR

2006

1

$75,000.00

2005

0

$0.00

First Arkansas Mortgage, Jacksonville, AR

2006

2

$116,767.00

2005

2

$194,947.00

First Arkansas Valley Bank, Clarksville, AR

2006

1

$63,000.00

2005

0

$0.00

First Arkansas Valley Bank, Russellville, AR

2006

8

$541,198.00

2005

8

$586,450.00

First Arkansas Valley Bank, Searcy, AR

2006

1

$98,719.00

2005

1

$57,049.00

First Financial Bank, North Little Rock, AR

2006

1

$69,213.00

2005

1

$93,532.00

First Security Bank, Conway, AR

2006

6

$469,439.00

2050

4

$354,004.00

First Security Bank, Searcy, AR

2006

11

$800,328.00

2005

12

$977,386.00

Metropolitan National Bank, Little Rock, AR

2006

13

$1,079,610.00

2005

9

$740,257.00

Moore Mortgage, Little Rock, AR

2006

6

$446,430.00

2005

1

$60,025.00

Moore Mortgage, Lowell, AR

2006

1

$108,641.00

2005

5

$334,278.00

Pulaski Mortgage Company, Bryant, AR

2006

8

$763,538.00

2005

6

$493,421.00

Pulaski Mortgage Company, Conway, AR

2006

1

$49,227.00

2005

1

$73,742.00

Pulaski Mortgage Company, Little Rock, AR

2006

44

$3,492,093.00

2005

27

$2,035,032.00

Regions Mortgage, Inc., Benton, AR

2006

2

$140,790.00

2005

1

$61,042.00

Regions Mortgage, Inc., Little Rock, AR

2006

20

$1,414,651.00

2005

28

$2,075,673.00

Regions Mortgage, Inc., Searcy, AR

2006

3

$227,369.00

2005

1

$67,497.00

Simmons First Bank, Russellville, AR

2006

4

$267,700.00

2005

6

$409,750.00

Simmons First Mortgage, Searcy, AR

2006

0

$0.00

2005

3

$231,071.00

Simmons First National Bank, Pine Bluff, AR

2006

1

$157,751.00

2005

4

$293,932.00

Simmons First National Bank, Searcy, AR

2006

5

$386,206.00

2005

0

$0.00

Summit Bank, Inc., Benton, AR

2006

4

$366,050.00

2005

0

$0.00

The Carroll Mortgage Group, Inc., Little Rock, AR

2006

20

$1,858,795.00

2005

11

$892,158.00

Union Bank of Benton, Benton, AR

2006

0

$0.00

2005

1

$102,655.00

United Bank, Little Rock, AR

2006

1

$87,526.00

2005

0

$0.00

US Bank Home Mortgage, North Little Rock, AR

2006

0

$0.00

2005

2

$120,970.00

 

Loans by New or Existing

 

New or Existing

FY

No. Loans

Dollar Amount

Existing Construction

2006

196

$14,962,319.53

2005

165

$11,816,322.00

New or Proposed Construction

2006

20

$1,989,869.00

2005

32

$2,977,150.00

 

Loans by Loan Type

 

Loan Type

FY

No. Loans

Dollar Amount

FHA

2006

162

$12,953,848.00

2005

157

$11,911,941.00

VA

2006

2

$186,112.00

2005

3

$294,832.00

Conventional

2006

14

$1,002,635.00

2005

12

$681,479.00

Rural Development

2006

38

$2,809,593.53

2005

25

$1,905,220.00

 

Demographics

 

Ethnicity

FY

No. Loans

Dollar Amount

Percent

Non-Minorities

2006

135

$10,329,270.53

62.5%

2005

107

$7,996,901.00

54.3%

Minorities

2006

80

$6,512,283.00

37.0%

2005

74

$5,504,617.00

37.6%

Unknown

2006

1

$110,635.00

0.5%

2005

16

$1,291,954.00

8.1%

 

Ethnicity

FY

Mean Income

Median Income

Non-Minorities

2006

$33,530.42

$33,264.00

2005

$36,214.60

$34,476.00

Minorities

2006

$34,644.84

$34,664.84

2005

$34,202.64

$38,100.00

Unknown

2006

$39,000.00

$39,000.00

2005

$38,340.90

$41,796.00

 

Gender-Head of Hshld

FY

No.

Pct.

Males

2006

105

48.6%

2005

104

52.8%

Females

2006

110

50.9%

2005

89

45.2%

Unknown

2006

1

0.5%

2005

4

2.0%

 

FY 2006

Average Age of Head of Household:

 

31.3

FY 2005

 

31.8

 

FY 2006

Average Household Size:

 

2.2

FY 2005

 

2.4

 

 

 

 

FY 2006

Loan Cancellation Rate:

 

24.7%

FY 2005

 

27.3%

 

DOWN PAYMENT ASSISTANCE PROGRAM’s Loan Statistics

 

FY

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

% OF H2O LOANS

2006

97

$253,390.26

$2,612.27

44.9%

2005

126

$335,226.00

$2,660.52

64.0%

 

Loans by Homebuyer Counselor

 

Counselor

FY

No. Loans

Dollar Amount

Argenta Neighborworks Homeownership Center, North Little Rock, AR

2006

9

$22,364.00

2005

18

$45,618.00

Arkansas River Valley Area Council, Inc., Dardanelle, AR

2006

6

$11,005.00

2005

3

$8,145.00

Black Community Development Program

2006

8

$23,150.00

2005

0

$0.00

Community Resource Technicians, Little Rock, AR

2006

14

$35,726.00

2005

18

$49,236.00

Crawford Sebastian CDC, Fort Smith, AR

2006

0

$0.00

2005

1

$2,200.00

Dream Makers Housing Counseling Agency, Pine Bluff, AR

2006

7

$19,114.00

2005

9

$23,736.00

Family Service Agency, Little Rock, AR

2006

0

$0.00

2005

1

$3,000.00

In Affordable Housing, Inc., Little Rock, AR

2006

35

$97,552.26

2005

63

$168.279.00

Promiseland CDC, Little Rock, AR

2006

1

$3,000.00

2005

0

$0.00

Universal Housing Development Corporation, Russellville, AR

2006

6

$16,000.00

2005

13

$35,012.00

Unknown

2006

11

$25,479.00

2005

0

$0.00

 

Loans by New or Existing

 

New or Existing

FY

No. Loans

Dollar Amount

Existing Construction

2006

90

$233,495.26

2005

105

$277,701.00

New or Proposed Construction

2006

7

$19,895.00

2005

21

$57,525.00

 

Demographics

 

Ethnicity

FY

No. Loans

Dollar Amount

Pct

Non-Minorities

2006

60

$154,183.26

61.9%

2005

65

$171,158.00

51.6%

Minorities

2006

37

$99,207.00

38.1%

2005

45

$119,763.00

35.7%

Unknown

2006

0

$0.00

0.0%

2005

16

$44,305.00

12.7%

 

FY 2006

Loan Cancellation Rate:

 

16.4%

FY 2005

 

16.4%

 

ADDI LOAN PROGRAM’s Loan Statistics

 

FY

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

% OF H2O LOANS

2006

44

$176,685.00

$4,015.57

20.4%

2005

24

$100,501.00

$4,187.54

12.2%

 

Loans by Homebuyer Counselor

 

Counselor

FY

No. Loans

Dollar Amount

Argenta Neighborworks Homeownership Center, North Little Rock, AR

2006

3

$14,887.00

2005

1

$4,640.00

Black Community Development Program

2006

2

$7,920.00

2005

0

$0.00

Community Resource Technicians, Little Rock, AR

2006

11

$42,003.00

2005

4

$20,000.00

Dream Makers Housing Counseling Agency, Pine Bluff, AR

2006

3

$11,305.00

2005

1

$4,455.00

In Affordable Housing, Inc., Little Rock, AR

2006

19

$75,905.00

2005

11

$41,260.00

Mississippi County EOC, Blytheville, AR

2006

0

$0.00

2005

1

$5,000.00

Promiseland CDC, Little Rock, AR

2006

1

$3,700.00

2005

0

$0.00

Universal Housing Development Corporation, Russellville, AR

2006

4

$11,115.00

2005

6

$25,146.00

Unknown

2006

1

$9,850.00

2005

0

$0.00

 

Loans by New or Existing

 

New or Existing

FY

No. Loans

Dollar Amount

Existing Construction

2006

40

$159,832.00

2005

15

$63,505.00

New or Proposed Construction

2006

4

$16,853.00

2005

9

$36,996.00

 

Demographics

 

Ethnicity

FY

No. Loans

Dollar Amount

Pct

Non-Minorities

2006

26

$102,902.00

59.1%

2005

12

$47,071.00

50.0%

Minorities

2006

18

$73,783.00

40.9%

2005

12

$53,430.00

50.0%

 

FY 2006

Loan Cancellation Rate:

 

41.3%

FY 2005

 

33.3%

 

TOTAL HOMEOWNERSHIP FY 2006:

$17,382,263.79

Total Homeownership FY 2005:

$15,229,199.00

Growth 05 to 06:

+12.4%

 

HOUSING PRODUCTION’s Program Statistics

 

HOME Allocations / Board Approvals

 

 

FY

No. Units

HOME Funds

Rental New Construction

2006

10

$400,000.00

2005

20

$800,000.00

Rental Rehab

2006

0

$0.00

2005

10

$400,000.00

Homeowner New Construction

2006

0

$0.00

2005

5

$440,000.00

Homeowner Rehab or Mortgage Subsidy

2006

30

$847,293.45

2005

11

$291,700.00

Tenant Based Rental Assistance

2006

83

$457,440.00

2005

50

$362,000.00

Acq / Rehab

2006

14

$528,000.00

2005

31

$1,190,000.00


 

 

TOTAL

2006

137

$2,232,733.45

2005

127

$3,483,700.00

Average Amount per Unit

2006

 

$16,297.32

2005

 

$27,430.71

 

Low-Income Housing Tax Credits / Board Approvals

 

 

 

 

FY

No. Units

 

Federal LIHTC

 

State LIHTC

 

Total Funds

Average

Per Unit

Total

2006

53

$332,137.00

$42,486.00

$374,623.00

$7,068.36

2005

476

$1,836,850.00

$0.00

$1,836,850.00

$3,858.93

 

Multifamily Housing Bonds

 

 

FY

No. Units

Dollar Amount

Average per Unit

Total

2006

0

$0.00

$0.00

2005

462

$20,200,000.00

$43,722.94

 

TOTAL HOUSING PRODUCTION FY 2006:

$2,607,356.45

Total Housing Production FY 2005:

$25,520,550.00

Growth 05 to 06:

-89.8%

 

DEVELOPMENT FINANCE’s Program Statistics

 

 

Program

 

FY

 

No. Projects

Project Amount

Average Project Amount

ADFA Bond Guaranty

2006

0

$0.00

$0.00

2005

1

$150,000.00

$150,000.00

ADED/Other Bond Guaranty

2006

0

$0.00

$0.00

2005

0

$0.00

$0.00

Higher Education Facilities

2006

0

$0.00

$0.00

2005

1

$1,140,000.00

$1,140,000.00

Wastewater Revolving Loan

2006

0

$0.00

$0.00

2005

1

$13,000,000.00

$13,000,000.00

Safe Drinking Water Revolving Loan

2006

1

$1,250,000.00

$1,250,000.00

2005

2

$3,550,000.00

$1,775,000.00

Bond Guaranty Reserve Fund

2006

0

$0.00

$0.00

2005

0

$0.00

$0.00

Capital Access Program

2006

0

$0.00

$0.00

2005

0

$0.00

$0.00

State Facilities Financing

2006

0

$0.00

$0.00

2005

4

$78,250,000.00

$19,562,500.00

Interim Loans with other Agencies

2006

0

$0.00

$0.00

2005

1

$5,000,000.00

$5,000,000.00

Special Projects Fund

2006

1

$5,000,000.00

$5,000,000.00

2005

2

$14,000,000.00

$7,000,000.00

Taxable Industrial Revenue Bonds

2006

0

$0.00

$0.00

2005

0

$0.00

$0.00

 

TOTAL DEV. FINANCE  FY 2006:

$6,250,000.00

Total DEV. FINANCE FY 2005:

$115,090,000.00

Growth 05 to 06:

-94.6%

 


 

 

TOTAL FUNDS FOR CONGRESSIONAL DISTRICT 2 FY 2006

$26,239,839.24

 

TOTAL FUNDS FOR CONGRESSIONAL DISTRICT 2 FY 2005

$155,839,749.00

 

GROWTH 05 TO 06

-83.2%