ANNUAL REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2004: July 1, 2003 – June 30, 2004
WASHINGTON COUNTYPart of Congressional District 3 |
Current Participating Lenders Located in County
Arkansas National Bank, Fayetteville, AR 479.718.7000
479.718.7031
479.718.7500
Arkansas National Bank, Springdale, AR 479.756.7600
Bank of America, Fayetteville, AR 479.872.4580
Bank of America, Springdale, AR 479.872.4201
Bank of Arkansas Mortgage Group, Fayetteville, AR 479.973.2684
Bank of Fayetteville Mortgage, Fayetteville, AR 479.443.2110
Countrywide Home Loans, Inc., Fayetteville, AR 479.587.3033
Farmers and Merchants Bank, Farmington, AR 479.846.7083
Farmers and Merchants, Prairie Grove, AR 479.846.7010
Farmers and Merchants, West Fork, AR 479.839.2302
First Financial Bank, Fayetteville, AR 479.442.7773
First National Bank, Springdale, AR 479.750.5626
McIlroy Bank and Trust, Fayetteville, AR 479.575.1146
Pulaski Mortgage Company, Fayetteville, AR 479.444.8222
Regions Mortgage, Inc., Fayetteville, AR 479.521.2460
Simmons First Mortgage Company
South Thompson Street, Fayetteville, AR 479.872.1100
www.simmonsfirst.com/banknearyou
Simmons First Mortgage Company
West Sunset Street, Fayetteville, AR 479.756.9165
www.simmonsfirst.com/banknearyou
Springdale Bank and Trust, Main
Springdale, AR 479.756.7054
Springdale Bank and Trust, South
Springdale, AR 479.756.7913
Springdale Bank and Trust, West
Springdale, AR 479.756.7025
United Bank, Springdale, AR 479.756.8811
Loan Statistics
|
NO. LOANS |
DOLLAR AMOUNT |
MEAN LOAN AMT. |
MEDIAN LOAN AMT. |
|
29 |
$2,264,381.00 |
$78,082.10 |
$77,650.00 |
Loans by Originator
|
Originator / Branch |
No. Loans |
Dollar Amount |
|
1 |
$60,450.00 |
|
|
Simmons 1st Mortgage of Little Rock, Rogers, AR |
4 |
$340,095.00 |
|
Simmons 1st Mortgage of Little Rock, Springdale, AR |
3 |
$282,422.00 |
|
Simmons 1st Mortgage of Little Rock, Lowell, AR |
6 |
$500,152.00 |
|
Arvest Mortgage Company, Lowell, AR |
12 |
$840,200.00 |
|
1st Security, Searcy, AR |
2 |
$178,589.00 |
|
Moore Mortgage, Lowell, AR |
1 |
$62,473.00 |
|
New or Existing |
No. Loans |
Dollar Amount |
|
Existing Construction |
21 |
$1,484,133.00 |
|
New or Proposed Construction |
8 |
$780,248.00 |
Demographics
|
Ethnicity |
No. Loans |
Dollar Amount |
Percent |
|
Non-Minorities |
25 |
$1,946,440.00 |
86.2% |
|
Minorities |
4 |
$317,941.00 |
13.8% |
|
Ethnicity |
Mean Income |
Median Income |
|
Non-Minorities |
$33,916.18 |
$35,256.00 |
|
Minorities |
$43,700.34 |
$44,292.00 |
|
Average Household Size: |
2.0 |
|
|
|
|
Loan Cancellation Rate: |
25.6% |
Current Participating Homebuyer Counselors Located in County
Family Service Agency (CCCS, Inc. of Springdale)
Springdale, AR
479.751.4575
Loan Statistics
|
NO. LOANS |
DOLLAR AMOUNT |
MEAN LOAN AMT. |
% of H2O (1ST) LOANS |
|
26 |
$70,993.00 |
$2,730.50 |
89.7% |
Loans by Homebuyer Counselor
|
Counselor |
No. Loans |
Dollar Amount |
|
Crawford-Sebastian Community Development Council, Inc. |
4 |
$11,950.00 |
|
Family Service Agency |
22 |
$59,043.00 |
|
New or Existing |
No. Loans |
Dollar Amount |
|
Existing Construction |
19 |
$50,693.00 |
|
New or Proposed Construction |
7 |
$20,300.00 |
Demographics
|
Ethnicity |
No. Loans |
Dollar Amount |
Percent |
|
Non-Minorities |
22 |
$58,993.00 |
84.6% |
|
Minorities |
4 |
$12,000.00 |
15.4% |
Loan Cancellation Rate: 16.1%
TOTAL HOMEOWNERSHIP FY 2004: $2,335,374.00
Total Economic Impact
Local Jobs Supported: 25
Local Business Owner’s Income: $209,440.00
Local Wages & Salaries: $941,840.00
Local Government Revenue: $148,560.00
TOTAL MONETARY IMPACT: $1,298,840.00
Affordable Housing Partners Serving County
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 |
0 |
$0.00 |
|
Homeowner New Construction |
0 |
$0.00 |
|
Homeowner Rehab or Mortgage Subsidy |
6 |
$146,796.00 |
|
Tenant Based Rental Assistance |
Tenants-20 |
$45,252.00 |
|
Acq / Rehab |
0 |
$0.00 |
|
TOTAL |
Units-6 Tenants-20 |
$192,048.00 |
|
Average Amount per Unit |
|
Units-$24,466.00 Tenants-$2,262.60 |
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 |
1 |
$0.00 |
$0.00 |
$24,995.00 |
$24,995.00 |
|
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 |
1 |
$0.00 |
$0.00 |
$24,995.00 |
$24,995.00 |
|
Average Amount per Unit |
|
|
|
|
$24,995.00 |
TOTAL HOUSING PRODUCTION FY 2004: $24,995.00
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
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 |