ANNUAL REPORT OF PROGRAM ACTIVITY

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

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

GARLAND COUNTY

Part of Congressional District 4

HOMEOWNERSHIP

HOME-TO-OWN PROGRAM

Current Participating Lenders Located in County

Alliance Bank of Hot Springs, Hot Springs, AR 501.318.1017

www.alliancebank.net

Bank of America, Hot Springs, AR 501.321.8288

www.bankofamerica.com

Summit Bank, Inc., Hot Springs, AR 501.525.8653

Superior Federal Bank, FSB, Hot Springs, AR 501.623.4585

www.superiorfederal.com

US Bank Home Mortgage, Hot Springs, AR 501.321.5070

US Bank Home Mortgage, Hot Springs Village, AR 501.915.9133

Loan Statistics

NO. LOANS	DOLLAR AMOUNT	MEAN LOAN AMT.	MEDIAN LOAN AMT.
4	*$195,218.00*	*$48,804.50*	*$47,609.00*

Loans by Originator

Originator / Branch	No. Loans	Dollar Amount
Superior Federal Bank, Little Rock, AR	1	*$32,050.00*
Arvest Mortgage Company, Lowell, AR	2	*$118,065.00*
Regions Mortgage, Inc., Little Rock, AR	1	*$45,103.00*

Loans by New or Existing

New or Existing	No. Loans	Dollar Amount
Existing Construction	4	*$195,218.00*
New or Proposed Construction	0	*$0.00*

Demographics

Ethnicity	No. Loans	Dollar Amount	Percent
Non-Minorities	4	*$195,218.00*	*100.0%*
Minorities	0	*$0.00*	*0.0%*

Ethnicity	Mean Income	Median Income
Non-Minorities	*$30,341.88*	*$32,646.00*
Minorities	*$0.00*	*$0.00*

Average Household Size:	*2.0*

Loan Cancellation Rate:	*20.0%*

DOWN PAYMENT ASSISTANCE PROGRAM

Current Participating Homebuyer Counselors Located in County

Community Service Office, Inc.

Hot Springs, AR 501.624.5724

Loan Statistics

NO. LOANS	DOLLAR AMOUNT	MEAN LOAN AMT.	% of H2O (1^ST) LOANS
3	*$8,675.00*	*$2,891.67*	*75.0%*

Loans by Homebuyer Counselor

Counselor	No. Loans	Dollar Amount
Argenta Neighborworks Homeownership Center	1	*$3,000.00*
Dream Makers Housing Counseling Agency, Inc.	1	*$3,000.00*
In Affordable Housing, Inc.	1	*$2,675.00*

Loans by New or Existing

New or Existing	No. Loans	Dollar Amount
Existing Construction	3	*$8,675.00*
New or Proposed Construction	0	*$0.00*

Demographics

Ethnicity	No. Loans	Dollar Amount	Percent
Non-Minorities	3	*$8,675.00*	*100.0%*
Minorities	0	*$0.00*	*0.0%*

Loan Cancellation Rate:

50.0%

TOTAL HOMEOWNERSHIP FY 2004: $203,893.00

Total Economic Impact

Local Jobs Supported: 0

Local Business Owner’s Income: $0.00

Local Wages & Salaries: $0.00

Local Government Revenue: $0.00

TOTAL MONETARY IMPACT: $0.00

HOUSING PRODUCTION

Affordable Housing Partners Serving County

ARC of Arkansas, Little Rock, AR (Developer)

501.375.7770

www.arcark.com

Hot Springs High School Lofts (HOME Program)

School Restoration GP II, LLC, Little Rock, AR (General Partner)

Spa Area Independent Living Services (SAILS) (HOME Program-Statewide

Projects)

1.800.255.7549

www.myceon.com/training.com/heroes.pdf

Program Statistics

HOME Allocations / Board Approvals FY 2004

	No. Units	HOME Funds
Rental New Construction	0	*$0.00*
Rental Rehab	11	*$225,000.00*
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	11	*$225,000.00*
Average Amount per Unit		*$20,454.55*

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	0	*$0.00*	*$0.00*	*$0.00*	*$0.00*
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	25	*$0.00*	*$214,394.00*	*$225,000.00*	*$439,394.00*
TOTAL	25	*$0.00*	*$214,394.00*	*$225,000.00*	*$439,394.00*
Average Amount per Unit					*$17,575.76*

TOTAL HOUSING PRODUCTION FY 2004: $439,394.00

Total Economic Impact

Local Jobs Supported: 0

Local Business Owner’s Income: $0.00

Local Wages & Salaries: $0.00

Local Government Revenue: $0.00

TOTAL MONETARY IMPACT: $0.00

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	1	*$5,265,000.00*	*$5,265,000.00*
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	1	*$500,000.00*	*$500,000.00*

TOTAL DEVELOPMENT FINANCE FY 2004: $5,765,000.00

TOTAL FUNDS FOR GARLAND COUNTY FY 2004

$6,408,287.00

Distribution of these total funds
Homeownership	$203,893.00
Housing Production	$439,394.00
Development Finance	$5,765,000.00

Statewide Statistics / Congressional District 4