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CONGRESSIONAL DISTRICT 2

HomeToOwn Program Activity (Red)

Development Finance Program Activity (Black)

FY 2001  through FY 2004

 

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

 

ANNUAL REPORT OF PROGRAM ACTIVITY

FISCAL YEAR 2004:  July 1, 2003 – June 30, 2004 

See “Statewide” Section for list of FY 2004 Bond Issuances

 

CONGRESSSIONAL DISTRICT 2

 

HOMEOWNERSHIP

Counties:   Conway, Faulkner, Perry, Pulaski, Saline, Van Buren, White and Yell

 

HOME-TO-OWN PROGRAM
 

Participating Lenders Located in Congressional District 2

 

ORIGINATOR

COUNTY

CONG DIST

PHONE NUMBER

WEB SITE

Bank of America, Conway, AR

Faulkner

2

501.336.6731

www.bankofamerica.com

First Community Bank, Conway, AR

Faulkner

2

501.450.1878; 501.450.9909

www.firstcommunitybank.org

First Service Bank, Greenbrier, AR

Faulkner

2

501.679.7300

www.1stservicebank.com

Pulaski Mortgage Company, Conway, AR

Faulkner

2

501.328.5533

www.pulaskimortgage.com

Regions Mortgage, Inc., Conway, AR

Faulkner

2

501.450.4771

www.regions.com

Simmons First National Bank, Conway, AR

Faulkner

2

501.329.7070

www.simmonsfirst.com

US Bank Home Mortgage Co., Conway, AR

Faulkner

2

501.328.0444

 

Wells Fargo Home Mortgage, Inc., Conway, AR 

Faulkner

2

501.329.2211

 

Arkansas Federal Credit Union, Jacksonville, AR

Pulaski

2

501.982.1000

www.afcu.org/

Arvest Mortgage Company, Little Rock, AR

Pulaski

2

501.379.7102

www.arvest.com/mortgage/

Bank of America, Little Rock, AR

Pulaski

2

501.219.4521

www.bankofamerica.com

Bank of the Ozarks, Little Rock, AR

Pulaski

2

501.978.2265

www.bankoftheozarks.com

Cornerstone Mortgage Center, Inc., Little Rock, AR

Pulaski

2

501.604.5626

 

Countrywide Home Loans, Inc., Little Rock, AR

Pulaski

2

501.225.3100

www.countrywide.com

First Arkansas Mortgage Co., Jacksonville, AR

Pulaski

2

501.985.4050

www.firstarkansasbank.com

First Financial Bank, Little Rock, AR

Pulaski

2

501.227.7087

www.ffb1.com

First Financial Bank, North Little Rock, AR

Pulaski

2

501.771.0637

www.ffb1.com

Heritage Mortgage Company, Little Rock, AR

Pulaski

2

501.224.0010

 

Metropolitan National Bank-Center Street, Little Rock, AR

Pulaski

2

501.377.7455

www.metbank.com

Metropolitan National Bank-Financial Center, Little Rock, AR

Pulaski

2

501.978.7650

www.metbank.com

Moore Mortgage, Inc., Little Rock, AR

Pulaski

2

501.225.7703

www.delta-trust.com

One Bank and Trust, Little Rock, AR

Pulaski

2

501.374.4400

www.onebanc.com

Pulaski Mortgage Company, Hardin Street, Little Rock, AR

Pulaski

2

501.661.7782

www.pulaskimortgage.com

Pulaski Mortgage Company, R Street, Little Rock, AR

Pulaski

2

501.661.7752

www.pulaskimortgage.com

Regions Mortgage, Downtown, Little Rock, AR

Pulaski

2

501.371.6584

www.regions.com

Regions Mortgage, North Little Rock, AR

Pulaski

2

501.753.7262

www.regions.com

Regions Mortgage, Shackleford Road, Little Rock, AR

Pulaski

2

501.221.9364

www.regions.com

Simmons First Mortgage Co., Little Rock, AR

Pulaski

2

501.223.4207

www.simmonsfirst.com/banknearyou/

Superior Federal Bank, FSB, Little Rock, AR

Pulaski

2

501.324.7287

www.superiorfederal.com

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

Pulaski

2

501.228.9797

www.carrollmortgage.com

Twin City Bank, North Little Rock, AR

Pulaski

2

501.833.4022

www.twincitybank.net

US Bank Home Mortgage, Little Rock, AR

Pulaski

2

501.221.2163

 

US Bank Home Mortgage, North Little Rock, AR

Pulaski

2

501.688.1368

 

Wells Fargo Home Mortgage, Inc., Little Rock, AR

Pulaski

2

501.221.2132

www.norwest.com

Wells Fargo Home Mortgage, Inc., North Little Rock, AR

Pulaski

2

501.812.4207

www.norwest.com

Heartland Community Bank, Bryant, AR

Saline

2

501.847.7982

www.heartlandbankonline.com

Malvern National Bank, Benton, AR

Saline

2

501.778.5000

www.onemoneyplace.com

Malvern National Bank, Bryant, AR

Saline

2

501.653.0433

www.onemoneyplace.com

Pulaski Mortgage Company, Bryant, AR

Saline

2

501.603.7474

www.pulaskimortgage.com

Regions Mortgage, Inc., Benton, AR

Saline

2

501.315.0823

www.regions.com

Regions Mortgage, Inc., Bryant, AR

Saline

2

501.847.4544

www.regions.com

Union Bank of Benton, Benton, AR

Saline

2

501.303.5526

www.unionbancshares.com

Union Bank of Benton, Bryant, AR

Saline

2

501.847.5710

www.unionbancshares.com

US Bank Home Mortgage, Bryant, AR

Saline

2

501.847.3246

 

US Bank Home Mortgage, Hot Springs Village, AR

Saline

2

501.915.9133

 

First National Bank of Paris, Waldron, AR

Scott

2

479.637.3470

www.paris-ar.com/fnb

Union Planters Bank, Clinton, AR

Van Buren

2

501.745.8200

www.unionplanters.com

First Arkansas Valley Bank, Searcy, AR

White

2

501.207.4180

www.firstarkansas.com

First Security Bank, Searcy, AR

White

2

501.279.3465

www.firstsecuritybank.org

Regions Mortgage, Inc., Beebe, AR

White

2

501.279.3580

www.regions.com

Regions Mortgage, Inc., Searcy, AR

White

2

501.279.3527

www.regions.com

Simmons First Mortgage, Searcy, AR

White

2

501.278.2000

www.simmonsfirst.com/banknearyou

 

Loan Statistics

                       

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

MEDIAN LOAN AMT.

297

$21,275,723.00

$71,635.43

$71,872.00

                       

Loans by Originator

 

Originator / Branch

No. Loans

 

Dollar Amount

1st Community Bank, Conway, AR

3

$227,928.00

1st Security, Searcy, AR

21

$1,658,640.00

Arvest Mortgage Company, Lowell, AR

10

$720,787.00

Bank of Dardanelle, Dardanelle, AR

8

$635,630.00

Bank of the Ozarks, Little Rock, AR

3

$265,299.00

Bank of the Ozarks, Fort Smith, AR

1

$78,500.00

Community Home Lenders, Inc., Cabot, AR

3

$343,000.00

Cor, Little Rock, AR

1

$46,175.00

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

 

37

 

$2,935,033.00

First Arkansas Valley Bank, Russellville, AR

11

$663,408.00

First Arkansas Valley Bank, Searcy, AR

1

$84,333.00

First Financial Bank, North Little Rock, AR

2

$171,803.00

Heartland Community Bank, Bryant, AR

1

$89,195.00

Heartland Community Bank, Monticello, AR

1

$61,750.00

Metropolitan National Bank, Little Rock, AR

29

$2,139,061.00

Pulaski Mortgage Company, Bryant, AR

5

$419,498.00

Pulaski Mortgage Company, Conway, AR

3

$270,730.00

Pulaski Mortgage Company, Little Rock, AR

67

$4,369,292.00

Pulaski Mortgage Company, Russellville, AR

1

$65,680.00

Regions Mortgage, Inc., Benton, AR

7

$524,044.00

Regions Mortgage, Inc., Little Rock, AR

26

$1,721,556.00

Regions Mortgage, Inc., North Little Rock, AR

17

$1,154,049.00

Regions Mortgage, Inc., Searcy, AR

1

$80,960.00

Simmons First Bank, Russellville, AR

11

$623,750.00

Simmons First Mortgage, Searcy, AR

2

$120,013.00

Simmons First National Bank, Pine Bluff, AR

1

$49,126.00

Superior Federal Bank, Little Rock, AR

4

$296,950.00

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

12

$925,911.00

The Kissell Company, Little Rock, AR

1

$40,899.00

Union Bank of Benton, Benton, AR

5

$374,179.00

US Bank Home Mortgage, North Little Rock, AR

2

$118,544.00

 
Loans by New or Existing

                                               

New or Existing

No. Loans

Dollar Amount

Existing Construction

256

$17,709,278.00

New or Proposed Construction

41

$3,566,445.00

 

Demographics

 

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

132

$9,954,345.00

44.4%

Minorities

165

$11,321,378.00

55.6%

 

Ethnicity

Mean Income

Median Income

Non-Minorities

$35,473.68

$36,087.96

Minorities

$33,516.55

$31,752.00

 

Average Household Size:

2.2

 

 

Loan Cancellation Rate:

15.4%

 

 

DOWN PAYMENT ASSISTANCE PROGRAM

 

Current Participating Homebuyer Counselors Located in Cong. District 2

 

HOMEBUYER COUNSELOR

COUNTY

CONG DIST

PHONE NUMBER

WEBSITE

Argenta Neighborworks Homeownership Center, North Little Rock, AR

Pulaski

2

501.372.6936

 

Central Arkansas Development Council, Little Rock, AR

Pulaski

2

501.565.7054

www.cadconline.net

Family Service Agency, Little Rock, AR

Pulaski

2

501.753.0202

 

In Affordable Housing, Inc., Little Rock, AR

Pulaski

2

501.221.2203

 

Central Arkansas Development Council, Benton, AR

Saline

2

501.315.1121

www.cadconline.net

ARVAC, Inc., Dardanelle, AR

Yell

2

479.229.4861

 

 

Loan Statistics

                       

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

% of H2O (1ST) LOANS

209

$561,556.50

$2,686.87

70.4%

                       

Loans by Homebuyer Counselor

                       

HOMEBUYER COUNSELOR

NO. LOANS

DOLLAR AMOUNT

Argenta Neighborworks Homeownership Center

34

$93,065.00

ARVAC, Inc.

10

$28,389.00

Community Resource Tech

3

$8,500.00

Crawford-Sebastian Community Development Council, Inc.

1

$3,000.00

Dream Makers Housing Counseling Agency, Inc.

12

$30,830.00

Family Service Agency

2

$5,250.00

In Affordable Housing

130

$346,133.50

Legal Aid of Arkansas

1

$3,000.00

Universal Housing Development Corporation

16

$43,389.00

 

Loans by New or Existing

                                               

New or Existing

No. Loans

Dollar Amount

Existing Construction

186

$496,149.50

New or Proposed Construction

23

$65,407.00

 

Demographics

 

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

93

$245,229.00

44.5%

Minorities

116

$316,327.00

55.5%

 

Loan Cancellation Rate:                                                                                       17.1%

 

TOTAL HOMEOWNERSHIP FY 2004:             $21,837,279.50

 

Total Economic Impact

Local Jobs Supported:                                                     129

Local Business Owner’s Income:                                               $1,073,380.00

Local Wages & Salaries:                                                     $4,286,930.00

Local Government Revenue:                                            $761,370.00

 

TOTAL MONETARY IMPACT:                                            $6,121,680.00

 

 

HOUSING PRODUCTION

 

Affordable Housing Partners Serving Congressional District 2

 

Birch Tree Communities, Benton, AR

Conine Realty Advisers, Inc., Frisco, TX

For Us, Inc.

JPM Group, Jacksonville, FL

Little Rock Housing Redevelopment, Inc., Little Rock, AR

Pathfinder, Inc.

The Resource Foundation, Nashville, TN

RichSmith Development, North Little Rock, AR

Spa Area Independent Living Services

William Keith Richardson Trust, North Little Rock

 

Program Statistics

 

HOME Allocations / Board Approvals FY 2004

 

Program Statistics

 

 

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

2.5

$159,902.50

Tenant Based Rental Assistance

70

$484,015.00

Acq / Rehab

0

$0.00

 

TOTAL

Tenants – 70  Units –2.5

 

$643,917.50

 

Average Amount per Unit

 

Tenants - $6,914.50

Units - $63,961.00

 

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

 

407

 

$8,400,000.00

 

$1,640,000.00

 

$0.00

 

$10,040,000.00

Rental Rehab

 

5

 

$0.00

 

$0.00

 

$300,000.00

 

$300,000.00

Homeowner New Construction

 

 

0

 

 

$0.00

 

 

$0.00

 

 

$0.00

 

 

$0.00

Homeowner Rehab or Mortgage Subsidy

 

 

 

3

 

 

 

$0.00

 

 

 

$0.00

 

 

 

$74,749.46

 

 

 

$74,749.46

Tenant Based Rental Assistance

 

 

 

0

 

 

 

$0.00

 

 

 

$0.00

 

 

 

$0.00

 

 

 

$0.00

Acq / Rehab

30

$0.00

$0.00

$275,000.00

$275,000.00

TOTAL

445

$8,400,000.00

$1,640,000.00

$649,749.46

$10,689,749.46

Average Amount per Unit

 

 

 

 

 

 

$24,021.91

 

TOTAL HOUSING PRODUCTION FY 2004:                   $10,689,749.46

 

Total Economic Impact

Local Jobs Supported:                                                                                           647

Local Business Owner’s Income:                                                             $5,991,040.00

Local Wages & Salaries:                                                                        $24,476,980.00

Local Government Revenue:                                                                    $4,126,980.00

 

TOTAL MONETARY IMPACT:                                                              $34,595,000.00

 

 

DEVELOPMENT FINANCE

Capital Access Participating Lenders Located in Cong. District 2

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

2

$37,100,000.00

$18,550,000.00

Safe Drinking Water Revolving Loan

0

$0.00

$0.00

ADFA-Originated Loans

0

$0.00

$0.00

Bond Guaranty Reserve Fund

1

$100,000.00

$100,000.00

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

1

$26,000,000.00

$26,000,000.00

Special Projects Fund

0

$0.00

$0.00

 

TOTAL DEVELOPMENT FINANCE FY 2004:             $63,200,000.00

 

TOTAL FUNDS FOR CONG. DISTRICT 2 FY 2004

$95,727,028.96

 

Distribution of these total funds

 

Homeownership

$21,837,279.50

Housing Production

$10,689,749.46

Development Finance

$63,200,000.00