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CONGRESSIONAL DISTRICT 2

HomeToOwn Program Activity (Red)

Development Finance Program Activity (Black)

FY 2001 through FY 2004

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
*1^st Community Bank, Conway, AR*	3	*$227,928.00*
*1^st 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 (1^ST) 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*