ANNUAL REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2004: July 1, 2003 – June 30, 2004
BENTON COUNTYPart of Congressional District 3 |
Current Participating Lenders Located in County
Arkansas National Bank, Bella Vista, AR 479.855.5700
Arkansas National Bank, Bentonville, AR 479.271.2800
Arkansas National Bank, Rogers, AR 479.619.2300
Arvest Bank, Rogers, AR 479.621.4857
Arvest Bank of Lowell, Lowell, AR 479.770.1006
Arvest Mortgage Company, Lowell, AR 479.750.6107
Bank of America, Bentonville, AR 479.273.9163
Bank of Arvest, Pea Ridge, AR 479.451.3015
Bank of Bentonville, Bentonville, AR 479.271.1272
First Arvest Bank, Siloam Springs, AR 479.549.1219
First Security Bank, Rogers, AR 479.246.7000
First Western Mortgage, Inc., Bentonville, AR 479.273.0256
First Western Mortgage, Inc., Rogers, AR 479.936.2040
Moore Mortgage, Inc., Lowell, AR 479.770.4700
Pulaski Mortgage Company, Bentonville, AR 479.464.5058
Regions Mortgage, Inc., Bentonville, AR 479.273.3301
www.regionsmortgage.com
Regions Mortgage, Inc., Rogers, AR 479.936.9670
www.regionsmortgage.com
Simmons First Mortgage Company, Rogers, AR 479.621.0900
www.simmonsfirst.com/banknearyou
Simmons First Mortgage, Inc., Siloam Springs, AR 479.549.4100
www.simmonsfirst.com/banknearyou
Wells Fargo Home Mortgage, Inc., Rogers, AR 479.636.2245
Loan Statistics
|
NO. LOANS |
DOLLAR AMOUNT |
MEAN LOAN AMT. |
MEDIAN LOAN AMT. |
|
73 |
$5,514,934.00 |
$75,547.04 |
$75,650.00 |
Loans by Originator
|
Originator / Branch |
No. Loans |
Dollar Amount |
|
Arkansas National Bank, Bentonville, AR |
6 |
$521,410.00 |
|
Arkansas National Bank, Rogers, AR |
1 |
$67,400.00 |
|
Superior Federal Bank, Fort Smith, AR |
1 |
$67,400.00 |
|
Moore Mortgage, Lowell, AR |
1 |
$84,295.00 |
|
Pulaski Mortgage Company, Bentonville, AR |
2 |
$157,000.00 |
|
Pulaski Mortgage Company, Little Rock |
5 |
$444,899.00 |
|
Simmons First Mortgage, Rogers, AR |
33 |
$2,455,485.00 |
|
Arvest Mortgage Company, Lowell, AR |
22 |
$1,594,700.00 |
|
1st Security, Searcy, AR |
1 |
$71,250.00 |
|
United Bank of Springdale, Lowell, AR |
1 |
$51,095.00 |
|
New or Existing |
No. Loans |
Dollar Amount |
|
Existing Construction |
59 |
$4,206,278.00 |
|
New or Proposed Construction |
14 |
$1,308,656.00 |
Demographics
|
Ethnicity |
No. Loans |
Dollar Amount |
Percent |
|
Non-Minorities |
52 |
$3,934,563.00 |
71.2% |
|
Minorities |
21 |
$1,580,371.00 |
28.8% |
|
Ethnicity |
Mean Income |
Median Income |
|
Non-Minorities |
$33,328.48 |
$32,838.00 |
|
Minorities |
$29,870.42 |
$31,143.84 |
|
Average Household Size: |
2.0 |
|
|
|
|
Loan Cancellation Rate: |
17.0% |
Current Participating Homebuyer Counselors Located in County
None
Loan Statistics
|
NO. LOANS |
DOLLAR AMOUNT |
MEAN LOAN AMT. |
% of H2O (1ST) LOANS |
|
56 |
$146,399.00 |
$2,614.27 |
76.7% |
Loans by Homebuyer Counselor
|
Counselor |
No. Loans |
Dollar Amount |
|
3 |
$7,990.00 |
|
|
Family Service Agency |
53 |
$138,409.00 |
|
New or Existing |
No. Loans |
Dollar Amount |
|
Existing Construction |
47 |
$118,390.00 |
|
New or Proposed Construction |
9 |
$28,009.00 |
Demographics
|
Ethnicity |
No. Loans |
Dollar Amount |
Percent |
|
Non-Minorities |
37 |
$94,586.00 |
66.1% |
|
Minorities |
19 |
$51,813.00 |
33.9% |
|
|
|
||
|
Loan Cancellation Rate: |
17.4% |
||
|
|
|
||
TOTAL HOMEOWNERSHIP FY 2004: $5,661,333.00
Total Economic Impact
Local Jobs Supported: 44
Local Business Owner’s Income: $366,520.00
Local Wages & Salaries: $1,648,220.00
Local Government Revenue: $259,980.00
TOTAL MONETARY IMPACT: $2,274,720.00
Affordable Housing Partners Serving
Spa Area Independent Living Services (SAILS) (HOME Program-Statewide
Projects)
1.800.255.7549
www.myceon.com/training.com/heroes.pdf
Program Statistics
HOME Allocations / Board Approvals FY 2004
|
|
No. Units |
HOME Funds |
|
Rental New Construction |
0 |
$0.00 |
|
Rental Rehab |
0 |
$0.00 |
|
Homeowner New Construction |
0 |
$0.00 |
|
Homeowner Rehab or Mortgage Subsidy |
0 |
$0.00 |
|
Tenant Based Rental Assistance |
0 |
$0.00 |
|
Acq / Rehab |
0 |
$0.00 |
|
TOTAL |
0 |
$0.00 |
|
Average Amount per Unit |
|
$0.00 |
Disbursements of FY04’s & Previous Years’ HOME Allocations/Approvals and FY2004 Low-Income Tax Credits
|
|
No. Units |
Tax-Exempt Bonds |
Low Income Hsng Tax Credits |
HOME Funds |
Total |
|
Rental New Construction |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
Rental Rehab |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
Homeowner New Construction |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
Homeowner Rehab or Mortgage Subsidy |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
Tenant Based Rental Assistance |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
Acq / Rehab |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
TOTAL |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
Average Amount per Unit |
|
|
|
|
$0.00 |
TOTAL HOUSING PRODUCTION FY 2004: $0.00
Total Economic Impact
Local Jobs Supported: 0
Local Business Owner’s Income: $0.00
Local Wages & Salaries: $0.00
Local Government Revenue: $0.00
TOTAL MONETARY IMPACT: $0.00
Capital Access Program-Participating Lenders
None
Program Statistics
|
Program |
No. Projects |
Project Amount |
Average Project Amount |
|
ADFA Bond Guaranty |
0 |
$0.00 |
$0.00 |
|
AEDC/Other Bond Guaranty |
0 |
$0.00 |
$0.00 |
|
Higher Education Facilities |
0 |
$0.00 |
$0.00 |
|
Wastewater Revolving Loan |
1 |
$5,500,000.00 |
$5,500,000,00 |
|
Safe Drinking Water Revolving Loan |
0 |
$0.00 |
$0.00 |
|
ADFA-Originated Loans |
0 |
$0.00 |
$0.00 |
|
Bond Guaranty Reserve Fund |
0 |
$0.00 |
$0.00 |
|
Capital Access Program |
0 |
$0.00 |
$0.00 |
|
Disadvantaged Business Enterprise |
0 |
$0.00 |
$0.00 |
|
Beginning Farmer |
0 |
$0.00 |
$0.00 |
|
Governmental Conduits |
0 |
$0.00 |
$0.00 |
|
Special Projects Fund |
0 |
$0.00 |
$0.00 |
TOTAL DEVELOPMENT FINANCE FY 2004: $5,500,000.00
TOTAL FUNDS FOR BENTON COUNTY FY 2004
$11,161,333.00