ANNUAL REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2004: July 1, 2003 – June 30, 2004
CRAIGHEAD COUNTYPart of Congressional District 1 |
Current Participating Lenders Located in County
1st Trust Bank for Savings, Jonesboro, AR 870.268.8997
Bank of America, Jonesboro, AR 870.932.4386
Countrywide Home Loans, Inc., Jonesboro, AR 870.931.1964
First Financial Bank, Jonesboro, AR 870.935.7808
First Home Mortgage, Inc., Jonesboro, AR 870.932.6693
Heritage Bank, Jonesboro, AR 870.802.2344
Regions Mortgage, Inc., Jonesboro, AR 870.974.5305
Simmons First Bank, Jonesboro, AR 870.933.3159
www.simmonsfirst.com/banknearyou
Union Planters Bank, Jonesboro, AR 870.933.2207
Wells Fargo Home Mortgage, Inc., Jonesboro, AR 870.932.9788
www.norwest.com
Loan Statistics
|
NO. LOANS |
DOLLAR AMOUNT |
MEAN LOAN AMT. |
MEDIAN LOAN AMT. |
|
23 |
$1,555,307.00 |
$67,622.04 |
$69,804.00 |
Loans by Originator
|
Originator / Branch |
No. Loans |
Dollar Amount |
|
1st Home Mortgage, Inc., Jonesboro, AR |
18 |
$1,228,605.00 |
|
First Financial Bank, Jonesboro, AR |
3 |
$197,998.00 |
|
First Trust Mortgage Company, Jonesboro, AR |
1 |
$58,900.00 |
|
Countrywide Home Loans, Inc., Jonesboro, AR |
1 |
$69,804.00 |
|
New or Existing |
No. Loans |
Dollar Amount |
|
Existing Construction |
17 |
$1,053,887.00 |
|
New or Proposed Construction |
6 |
$501,420.00 |
Demographics
|
Ethnicity |
No. Loans |
Dollar Amount |
Percent |
|
Non-Minorities |
21 |
$1,415,639.00 |
91.3% |
|
Minorities |
2 |
$139,668.00 |
8.7% |
|
Ethnicity |
Mean Income |
Median Income |
|
Non-Minorities |
$30,348.49 |
$29,906.94 |
|
Minorities |
$30,123.66 |
$30,123.66 |
|
Average Household Size: |
2.1 |
|
|
|
|
Loan Cancellation Rate: |
48.9% |
Current Participating Homebuyer Counselors Located in County
Crowley’s Ridge Development Council, Inc., Jonesboro, AR
870.935.8610
www.crdcnea.com
Loan Statistics
|
NO. LOANS |
DOLLAR AMOUNT |
MEAN LOAN AMT. |
% of H2O (1ST) LOANS |
|
8 |
$18,375.00 |
$2,296.88 |
34.8% |
Loans by Homebuyer Counselor
|
Counselor |
No. Loans |
Dollar Amount |
|
4 |
$9,818.00 |
|
|
In Affordable Housing, Inc. |
4 |
$8,557.00 |
|
New or Existing |
No. Loans |
Dollar Amount |
|
Existing Construction |
6 |
$14,225.00 |
|
New or Proposed Construction |
2 |
$4,150.00 |
Demographics
|
Ethnicity |
No. Loans |
Dollar Amount |
Percent |
|
Non-Minorities |
6 |
$14,417.00 |
75.0% |
|
Minorities |
2 |
$3,958.00 |
25.0% |
|
Loan Cancellation Rate: |
33.3% |
TOTAL HOMEOWNERSHIP FY 2004: $1,573,682.00
Total Economic Impact
Local Jobs Supported: 19
Local Business Owner’s Income: $157,080.00
Local Wages & Salaries: $706,380.00
Local Government Revenue: $111,420.00
TOTAL MONETARY IMPACT: $974,880.00
Affordable Housing Partners Serving County
Harold E. Buehler, Sr. & Jo Ellen Buehler, Memphis, TN (General Partners)
901.324.9422
RichSmith Development, North Little Rock, AR (Developer)
501.758.0050
www.richsmithdev.com
Spa Area Independent Living Services (SAILS) (HOME Program-Statewide
Projects)
1.800.255.7549
www.myceon.com/training.com/heroes.pdf
United Development Corporation, Memphis, TN (Developer)
901.324.9422
William Keith Richardson Trust, North Little Rock (General Partner)
501.758.0050
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 |
82 |
$0.00 |
$660,000.00 |
$0.00 |
$660,000.00 |
|
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 |
82 |
$0.00 |
$660,000.00 |
$0.00 |
$660,000.00 |
|
Average Amount per Unit |
|
|
|
|
$8,048.78 |
TOTAL HOUSING PRODUCTION FY 2004: $660,000.00
Total Economic Impact
Local Jobs Supported: 130
Local Business Owner’s Income: $1,204,040.00
Local Wages & Salaries: $4,931,480.00
Local Government Revenue: $831,480.00
TOTAL MONETARY IMPACT: $6,967,000.00
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 |
0 |
$0.00 |
$0.00 |
|
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: $0.00
TOTAL FUNDS FOR CRAIGHEAD CNTY FY 2004
$2,233,682.00
|
Distribution of these total funds |
|
|
Homeownership |
$1,573,682.00 |
|
Housing Production |
$660,000.00 |
|
Development Finance |
$0.00 |