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CONGRESSIONAL DISTRICT 3

HomeToOwn Program Activity (Red)

Development Finance Program Activity (Black)
FY 2001  through FY 2004

 

  1. Benton
  2. Boone
  3. Carroll
  4. Crawford
  5. Franklin
  6. Johnson
  7. Logan
  8. Marion
  9. Madison
  10. Newton
  11. Polk
  12. Pope
  13. Scott
  14. Sebastian
  15. Washington

 

ANNUAL REPORT OF PROGRAM ACTIVITY

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

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

CONGRESSIONAL DISTRICT 3

 

HOMEOWNERSHIP

Counties:   Benton, Boone, Carroll, Crawford, Franklin, Johnson, Madison, Marion, Newton, Pope, Sebastian and Washington

HOME-TO-OWN PROGRAM

Participating Lenders Located in Congressional District 3

ORIGINATOR

COUNTY

CONG DIST

PHONE NUMBER

WEB SITE

Arkansas National Bank, Bella Vista, AR

Benton

3

479.855.5700

www.abnfinancial.com

Arkansas National Bank, Bentonville, AR

Benton

3

479.271.2800

www.abnfinancial.com

Arkansas National Bank, Rogers, AR

Benton

3

479.619.2300

www.abnfinancial.com

Arvest Bank of Lowell, Lowell, AR

Benton

3

479.770.1006

www.arvest.com

Arvest Bank, Rogers, AR

Benton

3

479.621.4857

www.arvest.com

Arvest Mortgage Company, Lowell, AR

Benton

3

479.750.6107

www.arvest.com/mortgage/

Bank of America, Bentonville, AR

Benton

3

479.271.1272

www.bankofamerica.com

Bank of Arvest, Pea Ridge, AR

Benton

3

479.451.3015

 

Bank of Bentonville, Bentonville, AR

Benton

3

479.271.1272

www.arvest.com/bob

First Arvest Bank, Siloam Springs, AR

Benton

3

479.549.1219

www.arvest.com/fns/

First Security Bank, Rogers, AR

Benton

3

479.246.7000

www.firstsecuritybank.org

First Western Mortgage, Inc., Bentonville, AR

Benton

3

479.273.0256

www.firstwesternbank.net

First Western Mortgage, Inc., Rogers, AR

Benton

3

479.936.2040

www.firstwesternbank.net

Moore Mortgage, Inc., Lowell, AR

Benton

3

479.770.4700

www.delta-trust.com

Pulaski Mortgage Company, Bentonville, AR

Benton

3

479.464.5058

www.pulaskimortgage.com

Regions Mortgage, Inc., Bentonville, AR

Benton

3

479.273.3301

www.regionsmortgage.com

Regions Mortgage, Inc., Rogers, AR

Benton

3

479.936.9670

www.regionsmortgage.com

Simmons First Mortgage Company, Rogers, AR

Benton

3

479.621.0900

www.simmonsfirst.com/banknearyou

Simmons First Mortgage, Inc., Siloam Springs, AR

Benton

3

479.549.4100

www.simmonsfirst.com/banknearyou

Wells Fargo Home Mortgage, Inc., Rogers, AR

Benton

3

479.636.2245

www.norwest.com

Arvest Bank of Harrison, Harrison, AR

Boone

3

870.741.2440

www.arvest.com

Bank of the Ozarks, Harrison, AR

Boone

3

870.391.8411

www.bankozarks.com

Community First Bank, Harrison, AR

Boone

3

870.391.8066

www.communityfirstbank.com

Regions Mortgage, Inc., Harrison, AR

Boone

3

870.391.8250

www.regionsmortgage.com

Community First Bank, Eureka Springs, AR

Carroll

3

479.253.0500

 

First Arvest Bank, Berryville, AR 

Carroll

3

870.423.1504

www.arvest.com/fnr

First Eureka Bank, Eureka Springs, AR

Carroll

3

479.253.3601

 

BancorpSouth, Van Buren, AR

Crawford

3

479.471.2104

www.bancorpsouthonline.com

Citizens Bank & Trust Co., Van Buren, AR

Crawford

3

479.474.1201

www.cbankandtrust.com

US Bank Home Mortgage, Van Buren, AR

Crawford

3

479.410.5389

 

Bank of the Ozarks, Ozark, AR

Franklin

3

479.667.2181

www.bankozarks.com

Priority Bank, Ozark, AR

Franklin

3

479.667.9929

 

Farmers Bank and Trust, Clarksville, AR

Johnson

3

479.754.1163

www.farmersbank.com

Regions Mortgage, Inc., Clarksville, AR

Johnson

3

479.754.6325

www.regions.com

First Arkansas Valley Bank, Russellville, AR

Pope

3

479.967.1399

www.firstarkansas.com

Pulaski Mortgage Company, Russellville, AR

Pope

3

479.498.2200

www.pulaskimortgage.com

Regions Mortgage Company, Russellville, AR

Pope

3

479.964.1265

www.regionsmortgage.com

River Valley Bank, Russellville, AR

Pope

3

479.498.2253

www.rivervalleybank.com

Simmons First Bank of Russellville, Russellville, AR

Pope

3

479.967.6330

www.simmons-searcy.com/banknearyou/

Arvest Bank, Fort Smith, AR

Sebastian

3

479.709.8816

www.arvest.com

Arvest Mortgage Company, Fort Smith, AR

Sebastian

3

479.709.6439

www.arvest.com/mortgage/

BancorpSouth, Fort Smith, AR

Sebastian

3

479.785.8323

www.bancorpsouthonline.com

Benefit Bank, Fort Smith, AR

Sebastian

3

479.484.7000

www.benefitbank.net

Citizens Bank & Trust, Fort Smith, AR

Sebastian

3

479.646.0402

www.cbankandtrust.com

Country Home Mortgage, Inc., Greenwood, AR

Sebastian

3

479.996.8300

www.maxpages.com/countryhomemtg

Farmers Bank, Greenwood, AR

Sebastian

3

479.996.2535

www.farmersbank-ar.com

NARDIC, Fort Smith, AR

Sebastian

3

479.782.5959

 

National Mortgage Corp., Greenwood, AR

Sebastian

3

479.996.7735

 

Regions Mortgage, Inc., Fort Smith, AR

Sebastian

3

479.494.4615

www.regions.com

Simmons First Mortgage Co, Fort Smith, AR

Sebastian

3

479.484.1253

www.simmonsfirst.com/banknearyou

Superior Federal Bank, FSB, Fort Smith, AR

Sebastian

3

479.484.4242

www.superiorfederal.com

Arkansas National Bank, Fayetteville, AR

Washington

3

479.718.7000, 501.718.7031, 501.718.7500

www.abnfinancial.com

Arkansas National Bank, Springdale, AR

Washington

3

479.756.7600

www.abnfinancial.com

Bank of America, Fayetteville, AR

Washington

3

479.872.4580

www.bankofamerica.com

Bank of America, Springdale, AR

Washington

3

479.872.4201

www.bankofamerica.com

Bank of Arkansas Mortgage Group, Fayetteville, AR

Washington

3

479.973.2684

www.bankofarkansas.com

Bank of Fayetteville Mortgage, Fayetteville, AR

Washington

3

479.443.2110

www.bof.com/

Countrywide Home Loans, Inc., Fayetteville, AR

Washington

3

479.587.3033

www.countrywide.com

Farmers and Merchants Bank, Farmington, AR

Washington

3

479.846.7083

www.arvest.com

Farmers and Merchants, Prairie Grove, AR

Washington

3

479.846.7010

 

Farmers and Merchants, West Fork, AR 

Washington

3

479.839.2302

 

First Financial Bank, Fayetteville, AR

Washington

3

479.442.7773

www.ffb1.com

First National Bank, Springdale, AR

Washington

3

479.750.5626

www.fsbank.com

McIlroy Bank and Trust, Fayetteville, AR

Washington

3

479.575.1146

www.arvest.com/mbt

Pulaski Mortgage Company, Fayetteville, AR

Washington

3

479.444.8222

www.pulaskimortgage.com

Regions Mortgage, Inc., Fayetteville, AR

Washington

3

479.521.2460

www.regions.com

Simmons First Mortgage Company, South Thompson Street, Fayetteville, AR

Washington

3

479.872.1100

www.simmonsfirst.com/banknearyou

Simmons First Mortgage Company, West Sunset Street, Fayetteville, AR

Washington

3

479.756.9165

www.simmonsfirst.com/banknearyou

Springdale Bank and Trust, Main, Springdale, AR

Washington

3

479.756.7054

www.arvest.com/sbt

Springdale Bank and Trust, South, Springdale, AR

Washington

3

479.756.7913

www.arvest.com/sbt

Springdale Bank and Trust, West, Springdale, AR

Washington

3

479.756.7025

www.arvest.com/sbt

United Bank, Springdale, AR

Washington

3

479.756.8811

www.united-bk.com

Loan Statistics                

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

MEDIAN LOAN AMT.

472

$33,333,355.00

$70,621.52

$71,500.00

Loans by Originator


Originator / Branch

No. Loans


Dollar Amount

1st National Bank, Mountain Home, AR

4

$235,050.00

1st Security, Searcy, AR

5

$372,547.00

Arkansas National Bank, Bentonville, AR

6

$521,410.00

Arkansas National Bank, Rogers, AR

1

$67,400.00

Arvest Mortgage Company, Lowell, AR

71

$4,907,115.00

BankcorpSouth, Fort Smith, AR

3

$200,317.00

BancorpSouth, Van Buren, AR

38

$2,413,367.00

Bank of Dardanelle, Russellville, AR

4

$241,450.00

Bank of the Ozarks, Little Rock, AR

5

$303,500.00

Benefit Bank, Fort Smith, AR

119

$8,814,731.00

Citizens Bank & Trust, Fort Smith, AR

14

$1,136,632.00

Citizens Bank & Trust, Van Buren, AR

9

$599,148.00

Community First Bank, Harrison, AR

35

$2,469,725.00

Farmers Bank of Greenwood, Fort Smith, AR

1

$89,000.00

Farmers Bank of Greenwood, Greenwood, AR

4

$215,000.00

First Arkansas Valley Bank, Russellville, AR

13

$824,941.00

First Western Mortgage, Inc., Booneville, AR

1

$67,500.00

Moore Mortgage, Lowell, AR

2

$146,768.00

NARDIC, Fort Smith, AR

7

$557,903.00

Priority Bank, Ozark, AR

17

$1,081,450.00

Pulaski Mortgage Company, Bentonville, AR

3

$253,735.00

Pulaski Mortgage Company, Little Rock, AR

5

$444,899.00

Pulaski Mortgage Company, Russellville, AR

1

$52,300.00

Regions Mortgage, Inc., Little Rock, AR

3

$204,338.00

Simmons First Bank, Russellville, AR

20

$1,388,850.00

Simmons First Mortgage Company, Little Rock, AR

9

$551,680.00

Simmons First Mortgage Company, Lowell, AR

6

$500,152.00

Simmons First Mortgage Company, Rogers, AR

39

$2,948,710.00

Simmons First Mortgage Company, Springdale, AR

3

$282,422.00

Superior Federal Bank, Fort Smith, AR

22

$1,320,900.00

United Bank of Springdale, Lowell, AR

1

$51,095.00

US Bank Home Mortgage, North Little Rock, AR

1

$68,820.00


Loans by New or Existing
                      

New or Existing

No. Loans

Dollar Amount

Existing Construction

374

$24,502,445.00

New or Proposed Construction

98

$8,830,910.00

Demographics

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

342

$24,147,623.00

72.5%

Minorities

130

$9,185,732.00

27.5%


Ethnicity

Mean Income

Median Income

Non-Minorities

$32,257.21

$31,800.00

Minorities

$33,761.15

$35,604.00


Average Household Size:


2.3

 

 

Loan Cancellation Rate:

16.2%


DOWN PAYMENT ASSISTANCE PROGRAM

Current Participating Homebuyers Counselors Located in Cong. District 3

HOMEBUYER COUNSELOR

COUNTY

CONG DIST

PHONE NUMBER

WEBSITE

Crawford-Sebastian Community Development Council, Inc., Fort Smith, AR

Crawford

3

479.785.2303

www.cscdccaa.org

Universal Housing Development Corporation, Russellville, AR

Pope

3

479.968.5001

 

Crawford-Sebastian Community Development Council, Inc., Fort Smith, AR

Sebastian

3

479.785.2303

www.cscdccaa.org

Family Service Agency, Springdale, AR

Washington

3

479.751.4575

 

Loan Statistics             

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

% of H2O (1ST) LOANS

231

$599,053.00

$2,593.30

48.9%

Loans by Homebuyer Counselor

HOMEBUYER COUNSELOR

NO. LOANS

DOLLAR AMOUNT

ARVAC, Inc.

1

$3,000.00

Crawford-Sebastian Community Development Council, Inc.

140

$357,221.00

Family Service Agency

78

$206,452.00

In Affordable Housing

1

$3,000.00

Universal Housing Development Corporation

11

$29,380.00


Loans by New or Existing
                                

New or Existing

No. Loans

Dollar Amount

Existing Construction

201

$522,013.00

New or Proposed Construction

30

$77,040.00

Demographics

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

158

$412,654.00

68.4%

Minorities

73

$186,399.00

31.6%

Loan Cancellation Rate:                                                                                       17.4%

 

TOTAL HOMEOWNERSHIP FY 2004:             $33,932,408.00

 

Total Economic Impact

Local Jobs Supported:                                                                 309

Local Business Owner’s Income:                                                 $2,565,640.00

Local Wages & Salaries:                                                             $11,537,540.00

Local Government Revenue:                                                        $1,819,860.00

 

TOTAL MONETARY IMPACT:                                            $15,923,040.00


HOUSING PRODUCTION

Affordable Housing Partners Serving Congressional District 3

Arrington Development, Madison, MS

Bost, Inc.

City of Springdale

Clarksville Housing Associates II

Dale Lancaster, Madison, MS

ERC Partners of Arkansas, Fort Smith, AR

ERC Properties, Fort Smith, AR

Forge HOR

Harrison Housing Authority

Leisure Homes, Mountain Home, AR

Life Styles, Inc.

Ronald-Ragon, Fort Smith, AR

Spa Area Independent Living Services

William P. Joseph, Jr., Jackson, MS

HOME Allocations / Board Approvals FY 2004

Program Statistics

 

No. Units

HOME Funds

Rental New Construction

11

$275,000.00

Rental Rehab

0

$0.00

Homeowner New Construction

0

$0.00

Homeowner Rehab or Mortgage Subsidy

33

$446,796.00

Tenant Based Rental Assistance

112

$526,608.00

Acq / Rehab

0

$0.00

 
TOTAL

Tenants – 112 Units – 44


$1,248,404.00

 

Average Amount per Unit

 

Tenants - $4,701.86

Units - $16,404.45

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

 

36

 

$0.00

 

$360,000.00

 

$275,000.00

 

$635,000.00

Rental Rehab

37

$0.00

$348,420.00

$0.00

$348,420.00

Homeowner New Construction

 

 

0

 

 

$0.00

 

 

$0.00

 

 

$0.00

 

 

$0.00

Homeowner Rehab or Mortgage Subsidy

 

 

 

42

 

 

 

$0.00

 

 

 

$0.00

 

 

 

$479,766.00

 

 

 

$479,766.00

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

115

$0.00

$708,420.00

$754,766.00

$1,463,186.00

Average Amount per Unit

 

 

 

 

 

 

$12,723.36

 

TOTAL HOUSING PRODUCTION FY 2004:                   $1,463,186.00

 

Total Economic Impact

Local Jobs Supported:                                                                             57

Local Business Owner’s Income:                                                             $529,920.00

Local Wages & Salaries:                                                                         $2,165,040.00

Local Government Revenue:                                                                   $365,040.00

 

TOTAL MONETARY IMPACT:                                                        $3,060,000.00

 

DEVELOPMENT FINANCE

 Capital Access Participating Lenders Located in Cong. District 3

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

3

$108,367.00

$36,122.33

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:             $5,608,367.00

 

TOTAL FUNDS FOR CONG. DISTRICT 3 FY 2004

$41,003,961.00

 

Distribution of these total funds

 

Homeownership

$33,932,408.00

Housing Production

$1,463,186.00

Development Finance

$5,608,367.00

Statewide Statistics