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CONGRESSIONAL DISTRICT 1

HomeTo Own Program Activity (Red)

Development Finance Program Activity (Black)

FY 2001 through FY 2004

Arkansas
Baxter
Clay
Cleburne
Craighead
Crittenden
Cross
Fulton
Green
Independence
Izard
Jackson
Lawrence
Lee
Lonoke
Mississippi
Monroe
Phillips
Poinsett
Prairie
Randolph
Searcy
Sharp
St. Francis
Stone
Woodruff

ANNUAL REPORT OF PROGRAM ACTIVITY

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

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

CONGRESSSIONAL DISTRICT 1

HOMEOWNERSHIP

Counties: Arkansas, Baxter, Clay, Cleburne, Craighead, Crittenden, Cross, Fulton, Greene, Independence, Izard, Jackson, Lawrence, Lee, Lonoke, Mississippi, Monroe, Phillips, Poinsett, Prairie, Randolph, Searcy, Sharp, St. Francis, Stone and Woodruff

HOME-TO-OWN PROGRAM

Participating Lenders Located in Congressional District 1

ORIGINATOR	COUNTY	CONG DIST	PHONE NUMBER	WEB SITE
Farmers & Merchants Bank, Stuttgart, AR	Arkansas	1	870.673.6911	www.fmbarkansas.com
Bank of Yellville, Mountain Home, AR	Baxter	1	870.424.3355	www.bankofyellville.com
First National Bank & Trust, Mountain Home	Baxter	1	870.424.2101	www.firstmountainhome.com/
First Security Bank, Heber Springs, AR	Cleburne	1	501.362.4811	www.firstsecuritybank.org
1^st Trust Bank for Savings, Jonesboro, AR	Craighead	1	870.268.8997
Bank of America, Jonesboro, AR	Craighead	1	870.932.4386	www.bankofamerica.com
Countrywide Home Loans, Inc., Jonesboro, AR	Craighead	1	870.931.1964	www.countrywide.com
First Financial Bank, Jonesboro, AR	Craighead	1	870.935.7808	www.ffb1.com
First Home Mortgage, Inc., Jonesboro, AR	Craighead	1	870.932.6693
Heritage Bank, Jonesboro, AR	Craighead	1	870.802.2344	www.heritagebankark.com
Regions Mortgage, Inc., Jonesboro, AR	Craighead	1	870.974.5305	www.regions.com
Simmons First Bank, Jonesboro, AR	Craighead	1	870.933.3159	www.simmonsfirst.com/banknearyou
Union Planters Bank, Jonesboro, AR	Craighead	1	870.933.2207	www.unionplanters.com
Wells Fargo Home Mortgage, Inc., Jonesboro, AR	Craighead	1	870.932.9788	www.norwest.com
1^st Trust Bank for Savings, West Memphis, AR	Crittenden	1	870.732.4550
First Horizon Home Loan Corp., W. Memphis, AR	Crittenden	1	870.735.9501	www.firsthorizon.com
Guaranty Loan & Real Estate, W. Memphis, AR	Crittenden	1	870.735.3430
Pulaski Mortgage Company, W. Memphis, AR	Crittenden	1	870.733.0475	www.pulaskimortgage.com
Cross County Bank, Wynne, AR	Cross	1	870.238.8171	www.crosscountybank.com
First National Bank of Eastern AR, Wynne, AR	Cross	1	870.238.8131	www.fnbea.com
First National Bank, Wynne, AR	Cross	1	870.238.2361	www.fnbwynne.com
Peoples Bank of Paragould, Paragould, AR	Greene	1	870.236.7623
Citizens Bank, Batesville, AR	Independence	1	870.698.6229	www.thecitizensbank.net
First Community Bank, Batesville, AR	Independence	1	870.612.3400	www.firstcommunity.net
AgHeritage Farm Credit Services, Lonoke, AR	Lonoke	1	501.676.0898	www.agheritagefcs.com
Community Home Lenders, Inc., Lonoke, AR	Lonoke	1	501.843.8264
First Security Bank, Cabot, AR	Lonoke	1	501.941.2265	www.firstsecuritybank.org
Regions Mortgage, Inc., Cabot, AR	Lonoke	1	501.843.3529	www.regions.com
Bank of Yellville, Yellville, AR	Marion	1	870.449.4231	www.bankofyellville.com
Logan Finance Corporation, Blytheville, MS	Mississippi	1	870.762.2033
FNB of Phillips County, Helena, AR	Phillips	1	870.816.4209	www.fnbpc.com
Helena National Bank, Helena, AR	Phillips	1	870.338.6451	www.helenanationalbank.com
Union Planters Bank, Marshall, AR	Searcy	1	870.448.3341	www.unionplanters.com
Union Planters Bank, Hardy, AR	Sharp	1	870.856.2773	www.unionplanters.com
First National Bank of Eastern Arkansas, Forrest City, AR	St. Francis	1	870.633.3112	www.fnbea.com
Pulaski Mortgage Company, Forrest City, AR	St. Francis	1	870.630.0266	www.pulaskimortgage.com
Union Planters Bank, Mountain View, AR	Stone	1	870.269.2400	www.unionplanters.com

Loan Statistics

NO. LOANS	DOLLAR AMOUNT	MEAN LOAN AMT.	MEDIAN LOAN AMT
*281*	*$22,988,827.00*	*$81,810.77*	*$77,884.00*

Loans by Originator

Originator / Branch	No. Loans			Dollar Amount
*1^st Home Mortgage, Inc., Jonesboro, AR*		33	*$1,937,848.00*
*1^st National Bank & Trust, Mountain Home, AR*		16	*$1,035,200.00*
*1^st Security, Searcy, AR*		5	*$332,396.00*
*Arvest Mortgage Company, Lowell, AR*		1	*$56,450.00*
*Bank of Little Rock, West Memphis, AR*		1	*$95,600.00*
*Bank of Yellville, Flippin, AR*		1	*$70,000.00*
*Community Home Lenders, Inc., Cabot, AR*		20	*$1,707,385.00*
*Countrywide Home Loans, Inc., Jonesboro, AR*		5	*$397,494.00*
*Countrywide Home Loans, Inc., North Little Rock, AR*		7	*$529,543.00*
*First Arkansas Mortgage, Jacksonville, AR*		4	*$237,980.00*
*First Financial Bank, Jonesboro, AR*		4	*$261,993.00*
*First Financial Bank, North Little Rock, AR*		1	*$87,526.00*
*First Security Bank, Mountain Home, AR*		1	*$77,200.00*
*First Trust Mortgage Company, Jonesboro, AR*		3	*$184,593.00*
*First Trust Mortgage Company, West Memphis, AR*		7	*$603,566.00*
*FT Mortgage Companies, West Memphis, AR*		20	*$1,802,004.00*
*Guaranty Loan, West Memphis, AR*		1	*$134,000.00*
*Logan Finance, Blytheville, AR*		1	*$69,100.00*
*Metropolitan National Bank, Little Rock, AR*		1	*$62,518.00*
*Pulaski Mortgage Company, Forrest City, AR*		25	*$1,760,656.00*
*Pulaski Mortgage Company, Little Rock, AR*		2	*$211,382.00*
*Pulaski Mortgage Company, West Memphis, AR*		*117*	*$10,982,389.00*
*Regions Mortgage, Inc., North Little Rock, AR*		1	*$68,820.00*
*Simmons First Bank, Jonesboro, AR*		2	*$145,800.00*
*Simmons First National Bank, Pine Bluff, AR*		1	*$69,451.00*
*Union Planters, Jonesboro*		1	*$67,933.00*

Loans by New or Existing

New or Existing	No. Loans	Dollar Amount
Existing Construction	*230*	*$17,511,079*
New or Proposed Construction	51	*$5,477,748.00*

Demographics

Ethnicity	No. Loans	Dollar Amount	Percent
Non-Minorities	*224*	*$18,595,920.00*	*79.7%*
Minorities	57	*$4,392,907.00*	*20.3%*

Ethnicity	Mean Income	Median Income
Non-Minorities	*$39,008.42*	*$37,700.04*
Minorities	*$37,727.17*	*$36,454.08*

Average Household Size:	*2.3*

Loan Cancellation Rate:	*22.9%*

DOWN PAYMENT ASSISTANCE PROGRAM

Current Participating Homebuyer Counselors Located in Congressional District 1

HOMEBUYER COUNSELOR	COUNTY	CONG DIST	PHONE NUMBER	WEBSITE
Crowley's Ridge Development Council, Inc., Jonesboro, AR	Craighead	1	870.935.8610	www.crdcnea.com
Legal Aid of Arkansas, West Memphis, AR	Crittenden	1	870.732.6370	www.arlegalaid.org
Mississippi County Arkansas E.O.C., Blytheville, AR	Mississippi	1	870.532.2348

Loan Statistics

NO. LOANS	DOLLAR AMOUNT	MEAN LOAN AMT.	% of H2O (1^ST) LOANS
*126*	*$333,425.00*	*$2,646.23*	*44.8%*

Loans by Homebuyer Counselor

HOMEBUYER COUNSELOR	NO. LOANS	DOLLAR AMOUNT
*Argenta Neighborworks Homeownership Center*	2	*$5,300.00*
*Crowley’s Ridge Development Council, Inc.*	6	*$14,813.00*
*Dream Makers Housing Counseling Agency, Inc.*	1	*$3,000.00*
*In Affordable Housing*	92	*$247,007.00*
*Legal Aid of Arkansas*	17	*$44,026.00*
*Mississippi County Arkansas E.O.C.*	8	*$19,279.00*

Loans by New or Existing

New or Existing	No. Loans	Dollar Amount
Existing Construction	*111*	*$290,942.00*
New or Proposed Construction	15	*$42,483.00*

Demographics

Ethnicity	No. Loans	Dollar Amount	Percent
Non-Minorities	81	*$215,777.00*	*64.2%*
Minorities	45	*$117,648.00*	*35.8%*

Loan Cancellation Rate: 20.3%

TOTAL HOMEOWNERSHIP FY 2004: $23,322,252.00

Total Economic Impact

Local Jobs Supported:                                                                              161
Local Business Owner’s Income:                                                  $1,335,180.00
Local Wages & Salaries:                                                              $6,004,230.00
Local Government Revenue:                                                           $947,070.00

TOTAL MONETARY IMPACT: $8,286,480.00

HOUSING PRODUCTION

Affordable Housing partners Serving Congressional District 1

Arkansas Land and Farm Development Corporation, Brinkley, AR

Billy W. Bunn, Arkadelphia, AR

City of Anthonyville

City of England

City of Holly Grove

City of Jericho

City of Palestine

City of Sunset

EASPI, Inc.

ERC Properties, Fort Smith, AR

Faith Outreach

For Us, Inc.

Harold E. Buehler, Sr. & Jo Ellen Buehler, Memphis, TN

Lakeshore Planning & Development Corporation

Leisure Homes, Mountain Home, AR

Osceola HOR

RichSmith Development, North Little Rock, AR

Seaside Development Services CDC

Spa Area Independent Living Services

Sunbelt Development Corporation, Little Rock, AR

Sunbelt Housing Corporation, Little Rock, AR

Thomas J. Embach, Mountain Home, AR

United Development Corporation, Memphis, AR

White River Regional Housing Authority

William Keith Richardson Trust, North Little Rock, AR

Program Statistics

HOME Allocations / Board Approvals FY 2004

Program Statistics

	No. Units	HOME Funds
Rental New Construction	49	*$905,000.00*
Rental Rehab	15	*$350,000.00*
Homeowner New Construction	5	*$325,000.00*
Homeowner Rehab or Mortgage Subsidy	*19.5*	*$881,902.50*
Tenant Based Rental Assistance	*Tenants* *100*	*$264,840.00*
Acq / Rehab	0	*$0.00*
TOTAL	Tenants – 100 *Units – 88.5*	*$2,726,742.50*
Average Amount per Unit		*Tenants - $2,648.40* *Units - $24,145.79*

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	*190*	*$0.00*	*$1,468,800.00*	*$909,000.00*	*$2,377,800.00*
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	21	*$0.00*	*$0.00*	*$1,051,577.00*	*$1,051,577.00*

Tenant Based Rental Assistance	0	*$0.00*	*$0.00*	*$0.00*	*$0.00*
Acq / Rehab	*114*	*$0.00*	*$438,214.00*	*$350,000.00*	*$788,214.00*
TOTAL	*325*	*$0.00*	*$1,907,014.00*	*$2,310,577.00*	*$4,217,591.00*
Average Amount per Unit					*$12,977.20*

TOTAL HOUSING PRODUCTION FY 2004: $4,217,591.00

Total Economic Impact

Local Jobs Supported:                                                                                           302
Local Business Owner’s Income:                                                               $2,796,800.00
Local Wages & Salaries:                                                                         $11,426,600.00
Local Government Revenue:                                                                   $1,926,600.00

TOTAL MONETARY IMPACT: $16,150,000.00

DEVELOPMENT FINANCE

Capital Access Participating Lenders Located in Cong. District 1

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	1	*$300,000.00*	*$300,000.00*
Wastewater Revolving Loan	1	*$1,000,000.00*	*$1,000,000.00*
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	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	*$1,000,000.00*	*$1,000,000.00*

TOTAL DEVELOPMENT FINANCE FY 2004: $2,300,000.00

TOTAL FUNDS FOR CONG. DISTRICT 1 FY 2004

$29,839,843.00

Distribution of these total funds
Homeownership	*$23,322,252.00*
Housing Production	*$4,217,591.00*
Development Finance	*$2,300,000.00*