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CONGRESSIONAL DISTRICT 1

HomeTo Own Program Activity (Red)

Development Finance Program Activity (Black)

FY 2001  through FY 2004
 

  1. Arkansas
  2. Baxter
  3. Clay
  4. Cleburne
  5. Craighead
  6. Crittenden
  7. Cross
  8. Fulton
  9. Green
  10. Independence
  11. Izard
  12. Jackson
  13. Lawrence
  14. Lee
  15. Lonoke
  16. Mississippi
  17. Monroe
  18. Phillips
  19. Poinsett
  20. Prairie
  21. Randolph
  22. Searcy
  23. Sharp
  24. St. Francis
  25. Stone
  26. 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

1st 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

1st 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

 

1st Home Mortgage, Inc., Jonesboro, AR

33

$1,937,848.00

1st National Bank & Trust, Mountain Home, AR

16

$1,035,200.00

1st 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 (1ST) 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