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|
ANNUAL REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2004: July 1, 2003 – June 30, 2004
CONGRESSIONAL DISTRICT 3 |
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 |
|
|
Arkansas National Bank, Bentonville, AR |
Benton |
3 |
479.271.2800 |
|
|
Arkansas National Bank, Rogers, AR |
Benton |
3 |
479.619.2300 |
|
|
Arvest Bank of Lowell, Lowell, AR |
Benton |
3 |
479.770.1006 |
|
|
Arvest Bank, Rogers, AR |
Benton |
3 |
479.621.4857 |
|
|
Arvest Mortgage Company, Lowell, AR |
Benton |
3 |
479.750.6107 |
|
|
Bank of America, Bentonville, AR |
Benton |
3 |
479.271.1272 |
|
|
Bank of Arvest, Pea Ridge, AR |
Benton |
3 |
479.451.3015 |
|
|
Bank of Bentonville, Bentonville, AR |
Benton |
3 |
479.271.1272 |
|
|
First Arvest Bank, Siloam Springs, AR |
Benton |
3 |
479.549.1219 |
|
|
First Security Bank, Rogers, AR |
Benton |
3 |
479.246.7000 |
|
|
First Western Mortgage, Inc., Bentonville, AR |
Benton |
3 |
479.273.0256 |
|
|
First Western Mortgage, Inc., Rogers, AR |
Benton |
3 |
479.936.2040 |
|
|
Moore Mortgage, Inc., Lowell, AR |
Benton |
3 |
479.770.4700 |
|
|
Pulaski Mortgage Company, Bentonville, AR |
Benton |
3 |
479.464.5058 |
|
|
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 |
|
|
Simmons First Mortgage, Inc., Siloam Springs, AR |
Benton |
3 |
479.549.4100 |
|
|
Wells Fargo Home Mortgage, Inc., Rogers, AR |
Benton |
3 |
479.636.2245 |
|
|
Arvest Bank of Harrison, Harrison, AR |
Boone |
3 |
870.741.2440 |
|
|
Bank of the Ozarks, Harrison, AR |
Boone |
3 |
870.391.8411 |
|
|
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 |
|
|
First Eureka Bank, Eureka Springs, AR |
Carroll |
3 |
479.253.3601 |
|
|
BancorpSouth, Van Buren, AR |
Crawford |
3 |
479.471.2104 |
|
|
Citizens Bank & Trust Co., Van Buren, AR |
Crawford |
3 |
479.474.1201 |
|
|
US Bank Home Mortgage, Van Buren, AR |
Crawford |
3 |
479.410.5389 |
|
|
Bank of the Ozarks, Ozark, AR |
Franklin |
3 |
479.667.2181 |
|
|
Priority Bank, Ozark, AR |
Franklin |
3 |
479.667.9929 |
|
|
Farmers Bank and Trust, Clarksville, AR |
Johnson |
3 |
479.754.1163 |
|
|
Regions Mortgage, Inc., Clarksville, AR |
Johnson |
3 |
479.754.6325 |
www.regions.com |
|
First Arkansas Valley Bank, Russellville, AR |
Pope |
3 |
479.967.1399 |
|
|
Pulaski Mortgage Company, Russellville, AR |
Pope |
3 |
479.498.2200 |
|
|
Regions Mortgage Company, Russellville, AR |
Pope |
3 |
479.964.1265 |
|
|
River Valley Bank, Russellville, AR |
Pope |
3 |
479.498.2253 |
|
|
Simmons First Bank of Russellville, Russellville, AR |
Pope |
3 |
479.967.6330 |
|
|
Arvest Bank, Fort Smith, AR |
Sebastian |
3 |
479.709.8816 |
|
|
Arvest Mortgage Company, Fort Smith, AR |
Sebastian |
3 |
479.709.6439 |
|
|
BancorpSouth, Fort Smith, AR |
Sebastian |
3 |
479.785.8323 |
|
|
Benefit Bank, Fort Smith, AR |
Sebastian |
3 |
479.484.7000 |
|
|
Citizens Bank & Trust, Fort Smith, AR |
Sebastian |
3 |
479.646.0402 |
|
|
Country Home Mortgage, Inc., Greenwood, AR |
Sebastian |
3 |
479.996.8300 |
|
|
Farmers Bank, Greenwood, AR |
Sebastian |
3 |
479.996.2535 |
|
|
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 |
|
|
Simmons First Mortgage Co, Fort Smith, AR |
Sebastian |
3 |
479.484.1253 |
|
|
Superior Federal Bank, FSB, Fort Smith, AR |
Sebastian |
3 |
479.484.4242 |
|
|
Arkansas National Bank, Fayetteville, AR |
Washington |
3 |
479.718.7000, 501.718.7031, 501.718.7500 |
|
|
Arkansas National Bank, Springdale, AR |
Washington |
3 |
479.756.7600 |
|
|
Bank of America, Fayetteville, AR |
Washington |
3 |
479.872.4580 |
|
|
Bank of America, Springdale, AR |
Washington |
3 |
479.872.4201 |
|
|
Bank of Arkansas Mortgage Group, Fayetteville, AR |
Washington |
3 |
479.973.2684 |
|
|
Bank of Fayetteville Mortgage, Fayetteville, AR |
Washington |
3 |
479.443.2110 |
|
|
Countrywide Home Loans, Inc., Fayetteville, AR |
Washington |
3 |
479.587.3033 |
|
|
Farmers and Merchants Bank, Farmington, AR |
Washington |
3 |
479.846.7083 |
|
|
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 |
|
|
First National Bank, Springdale, AR |
Washington |
3 |
479.750.5626 |
|
|
McIlroy Bank and Trust, Fayetteville, AR |
Washington |
3 |
479.575.1146 |
|
|
Pulaski Mortgage Company, Fayetteville, AR |
Washington |
3 |
479.444.8222 |
|
|
Regions Mortgage, Inc., Fayetteville, AR |
Washington |
3 |
479.521.2460 |
|
|
Simmons First Mortgage Company, South Thompson Street, Fayetteville, AR |
Washington |
3 |
479.872.1100 |
|
|
Simmons First Mortgage Company, West Sunset Street, Fayetteville, AR |
Washington |
3 |
479.756.9165 |
|
|
Springdale Bank and Trust, Main, Springdale, AR |
Washington |
3 |
479.756.7054 |
|
|
Springdale Bank and Trust, South, Springdale, AR |
Washington |
3 |
479.756.7913 |
|
|
Springdale Bank and Trust, West, Springdale, AR |
Washington |
3 |
479.756.7025 |
|
|
United Bank, Springdale, AR |
Washington |
3 |
479.756.8811 |
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
|
|
No. Loans |
|
|
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 |
|
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% |
|
|
Mean Income |
Median Income |
|
Non-Minorities |
$32,257.21 |
$31,800.00 |
|
Minorities |
$33,761.15 |
$35,604.00 |
|
|
|
|
|
|
|
Loan Cancellation Rate: |
16.2% |
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 |
|
|
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 |
|
|
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 |
|
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
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 |
|
|
Tenants – 112 Units – 44 |
|
|
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 |
|
Low Income Hsng Tax Credits |
|
|
|
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
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 |