ANNUAL REPORT OF PROGRAM ACTIVITY

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

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

CRITTENDEN COUNTY

Part of Congressional District 1

HOMEOWNERSHIP

HOME-TO-OWN PROGRAM

Current Participating Lenders Located in County

1^st Trust Bank for Savings, West Memphis, AR 870.732.4550

First Horizon Home Loan Corp., W. Memphis, AR 870.735.9501

www.firsthorizon.com

Guaranty Loan & Real Estate, W. Memphis, AR 870.735.3430

Pulaski Mortgage Company, W. Memphis, AR 870.733.0475

www.pulaskimortgage.com

Loan Statistics

NO. LOANS	DOLLAR AMOUNT	MEAN LOAN AMT.	MEDIAN LOAN AMT.
*148*	*$13,964,255.00*	*$94,353.07*	*$92,720.00*

Loans by Originator

Originator / Branch	No. Loans	Dollar Amount
Bank of Little Rock, West Memphis, AR	1	*$95,600.00*
First Trust Mortgage Company, Jonesboro, AR	1	*$77,884.00*
First Trust Mortgage Company, West Memphis, AR	7	*$603,566.00*
Countrywide Home Loans, Inc., Jonesboro, AR	2	*$226,283.00*
Pulaski Mortgage Company, Forrest City, AR	2	*$233,145.00*
Pulaski Mortgage Company, West Memphis, AR	*114*	*$10,791,773.00*
FT Mortgage Companies, West Memphis, AR	20	*$1,802,004.00*
Guaranty Loan, West Memphis, AR	1	*$134,000.00*

Loans by New or Existing

New or Existing	No. Loans	Dollar Amount
Existing Construction	*115*	*$9,969,534.00*
New or Proposed Construction	33	*$3,994,721.00*

Demographics

Ethnicity	No. Loans	Dollar Amount	Percent
Non-Minorities	*112*	*$10,991,361.00*	*75.7%*
Minorities	36	*$2,972,894.00*	*24.3%*

Ethnicity	Mean Income	Median Income
Non-Minorities	*$45,311.50*	*$45,552.00*
Minorities	*$40,730.02*	*$41,160.00*

Average Household Size:	*2.2*

Loan Cancellation Rate:	*19.6%*

DOWN PAYMENT ASSISTANCE PROGRAM

Current Participating Homebuyer Counselors Located in County

Legal Aid of Arkansas (formerly East Arkansas Legal Services)

West Memphis, AR

870.732.6370

www.arlegalaid.org/

Loan Statistics

NO. LOANS	DOLLAR AMOUNT	MEAN LOAN AMT.	% of H2O (1^ST) LOANS
84	*$225,774.00*	*$2,687.79*	*56.8%*

Loans by Homebuyer Counselor

Counselor	No. Loans	Dollar Amount
Crowley’s Ridge Development Council, Inc.	1	*$1,995.00*
In Affordable Housing, Inc.	60	*$162,549.00*
Legal Aid of Arkansas	15	*$41,951.00*
Mississippi County Arkansas E.O.C.	8	*$19,279.00*

Loans by New or Existing

New or Existing	No. Loans	Dollar Amount
Existing Construction	74	*$196,441.00*
New or Proposed Construction	10	*$29,333.00*

Demographics

Ethnicity	No. Loans	Dollar Amount	Percent
Non-Minorities	55	*$148,264.00*	*65.5%*
Minorities	29	*$77,510.00*	*34.5%*

Loan Cancellation Rate: 13.4%

TOTAL HOMEOWNERSHIP FY 2004: $14,190,029.00

Total Economic Impact

Local Jobs Supported: 104

Local Business Owner’s Income: $863,940.00

Local Wages & Salaries: $3,885,090.00

Local Government Revenue: $612,810.00

TOTAL MONETARY IMPACT: $5,361,840.00

HOUSING PRODUCTION

Affordable Housing Partners Serving County

City of Anthonyville (HOME Program); 870.732.3975

City of Jericho (HOME Program)

City of Sunset (HOME Program)

http://teddybearcop.com/sunsetl.html

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

William Keith Richardson Trust, North Little Rock, AR (General Partner)

501.758.0050

Program Statistics

HOME Allocations / Board Approvals FY 2004

	No. Units	HOME Funds
Rental New Construction	14	*$350,000.00*
Rental Rehab	0	*$0.00*
Homeowner New Construction	0	*$0.00*
Homeowner Rehab or Mortgage Subsidy	10	*$650,500.00*
Tenant Based Rental Assistance	0	*$0.00*
Acq / Rehab	0	*$0.00*
TOTAL	24	*$1,000,500.00*
Average Amount per Unit		*$41,687.50*

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	51	*$0.00*	*$390,000.00*	*$350,000.00*	*$740,000.00*
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	4	*$0.00*	*$0.00*	*$248,000.00*	*$248,000.00*
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	55	*$0.00*	*$390,000.00*	*$598,000.00*	*$988,000.00*
Average Amount per Unit					*$17,963.64*

TOTAL HOUSING PRODUCTION FY 2004: $988,000.00

Total Economic Impact

Local Jobs Supported: 81

Local Business Owner’s Income: $750,720.00

Local Wages & Salaries: $3,067,140.00

Local Government Revenue: $517,140.00

TOTAL MONETARY IMPACT: $4,335,000.00

DEVELOPMENT FINANCE

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 CRITTENDEN CNTY FY 2004

$15,178,029.00

Distribution of these total funds
Homeownership	$14,190,029.00
Housing Production	$988,000.00
Development Finance	$0.00

Statewide Statistics / Congressional District 1