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  1. Benton
  2. Boone
  3. Carroll
  4. Crawford
  5. Franklin
  6. Johnson
  7. Madison
  8. Marion
  9. Newton
  10. Pope
  11. Sebastian
  12. Washington

 

 

ANNUAL REPORT OF PROGRAM ACTIVITY

FISCAL YEAR 2005:  July 1, 2004 – June 30, 2005

See “Statewide” Section for list of FY 2005 Bond Issuances

 

CONGRESSSIONAL DISTRICT 3

 

HOMEOWNERSHIP

Counties:   Benton, Boone, Carroll, Crawford, Franklin, Johnson, Madison, Marion, Newton, Pope, Sebastian and Washington

HOME-TO-OWN PROGRAM

Loan Statistics

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

MEDIAN LOAN AMT.

303

$22,984,280.00

$75,855.71

$75,363.00

Loans by Originator

 

Originator / Branch

 

No. Loans

 

Dollar Amount

1st National Bank & Trust, Mountain Home, AR

4

$244,968.00

Arkansas National Bank, Bentonville, AR

4

$387,601.00

Arvest Mortgage Company, Lowell, AR

55

$4,083,599.00

BancorpSouth, Fort Smith, AR

26

$1,621,257.00

BancorpSouth, Van Buren, AR

2

$129,535.00

Bank of Dardanelle, Russellville, AR

10

$668,058.00

Bank of the Ozarks, Little Rock, AR

1

$82,000.00

Benefit Bank, Fort Smith, AR

100

$8,049,719.00

Citizens Bank & Trust, Fort Smith, AR

3

$154,635.00

Citizens Bank & Trust, Van Buren, AR

3

$184,652.00

Community First Bank, Harrison, AR

23

$1,739,450.00

Farmers Bank, Greenwood

4

$314,600.00

First Arkansas Valley Bank, Clarksville, AR

1

$68,500.00

First Arkansas Valley Bank, Russellville, AR

9

$692,650.00

First Financial Bank, Fort Smith, AR

2

$155,600.00

NARDIC, Fort Smith, AR

7

$503,242.00

Priority Bank, Ozark, AR

2

$134,500.00

Pulaski Mortgage Company, Bentonville, AR

10

$817,445.00

Pulaski Mortgage Company, Fayetteville, AR

1

$75,840.00

Regions Mortgage, Inc., Little Rock, AR

3

$213,214.00

Simmons First Mortgage Company, Little Rock, AR

4

$315,246.00

Simmons First Mortgage of Little Rock, Siloam Springs, AR

3

$261,313.00

Simmons First Mortgage, Fort Smith

2

$125,900.00

Simmons First Mortgage, Rogers, AR

12

$1,086,603.00

Simmons First Mortgage, Russellville, AR

9

$639,735.00

Simmons First Mortgage, Springdale, AR

2

$183,618.00

Simmons First Mortgage Company of Little Rock, Lowell, AR

1

$50,800.00

 

Loans by New or Existing

 

New or Existing

No. Loans

Dollar Amount

Existing Construction

223

$15,730,801.00

New or Proposed Construction

80

$7,253,479.00

Loans by Loan Type

Loan Type

No. Loans

Dollar Amount

FHA

170

$12,022,284.00

VA

6

$490,981.00

Conventional

3

$226,805.00

Rural Development

124

$10,244,210.00

Uninsured

0

$0.00

Other

0

$0.00

Demographics

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

214

$16,369,427.00

70.6%

Minorities

89

$6,614,853.00

29.4%

 

Ethnicity

Mean Income

Median Income

Non-Minorities

$34,799.31

$34,094.04

Minorities

$33,346.33

$24,408.00

 

Average Household Size:

2.5

 

 

Loan Cancellation Rate:

24.8%

 

DOWN PAYMENT ASSISTANCE PROGRAM

 Loan Statistics

 

NO. LOANS

 

DOLLAR AMOUNT

 

MEAN LOAN AMT.

 

% of H2O (1ST) LOANS

112

$293,943.00

$2,624.49

37.0%

 Loans by Homebuyer Counselor

Counselor

No. Loans

Dollar Amount

Argenta Neighborworks Homeownership  Center, North Little Rock, AR

18

$50,707.00

Crawford-Sebastian Community Development Council, Fort Smith, AR

74

$189,129.00

Family Service Agency, Little Rock, AR

5

$13,074.00

In Affordable Housing, Inc., Little Rock, AR

1

$3,000.00

Universal Housing Development Corporation, Russellville, AR

14

$38,033.00

 Loans by New or Existing

New or Existing

No. Loans

Dollar Amount

Existing Construction

104

$271,449.00

New or Proposed Construction

8

$22,494.00

 Demographics

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

77

$199,920.00

68.8%

Minorities

35

$94,023.00

31.2%

 

Loan Cancellation Rate:

32.5%

 

ADDI LOAN PROGRAM

 Loan Statistics

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

% of H2O (1ST) LOANS

8

$29,149.00

$3,643.63

2.6%

Loans by Homebuyer Counselor

Counselor

No. Loans

Dollar Amount

Crawford-Sebastian Community Development Council, Inc., Fort Smith, AR

6

$20,509.00

Family Service Agency, Little Rock, AR

2

$8,640.00

 

Loans by New or Existing

 

New or Existing

No. Loans

Dollar Amount

Existing Construction

8

$29,149.00

New or Proposed Construction

0

$0.00

Demographics

 

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

5

$20,531.00

62.5%

Minorities

3

$8,618.00

37.5%

 

Loan Cancellation Rate:

50.0%

 

TOTAL HOMEOWNERSHIP:

$23,307,372.00

 

          Total Economic Impact

Local Jobs Supported

252

Local Business Owners’ Income

$2,094,400.00

Local Wages & Salaries

$9,418,400.00

Local Government Revenue

$1,485,600.00

 

 

TOTAL MONETARY IMPACT

$12,998,400.00

 

HOUSING PRODUCTION

HOME Allocations / Board Approvals FY 2005

Program Statistics

 

 

No. Units

 

HOME Funds

Rental New Construction

53

$1,600,000.00

Rental Rehab

0

$0.00

Homeowner New Construction

5

$440,000.00

Homeowner Rehab or Mortgage Subsidy

42

$510,000.00

Tenant Based Rental Assistance

0

$0.00

Acq / Rehab

6

$224,852.00

TOTAL

106

$2,774,852.00

Average Amount per Unit

 

$26,177.85

Low-Income Housing Tax Credits / Board Approvals FY 2005

 

No. Units

 

Federal LIHTC

 

State LIHTC

 

Total Funds

Average

Per Unit

Acq / Rehab

24

$72,401.00

$0.00

$72,401.00

$3,016.71

New Const.

178

$1,505,795.00

$0.00

$1,505,795.00

$8,459,52

 

 

 

 

 

 

Total

202

$1,578,196.00

$0.00

$1,578.196.00

$7,812.85

Multifamily Housing Bonds

 

No. Units

Dollar Amount

Average per Unit

Acq / Rehab

0

$0.00

$0.00

New Const.

0

$0.00

$0.00

 

 

 

 

Total

0

$0.00

$0.00

 

TOTAL HOUSING PRODUCTION:

$4,353,048.00

 

          Total Economic Impact 

Local Jobs Supported

375

Local Business Owners’ Income

$3,473,920.00

Local Wages & Salaries

$14,193,040.00

Local Government Revenue

$2,393,040.00

 

 

TOTAL MONETARY IMPACT

$20,060.000.00

 

DEVELOPMENT FINANCE

Program Statistics

 

Program

 

No. Projects

 

Project Amount

Average Project Amount

ADFA Bond Guaranty

1

$3,470,000.00

$3,470,000.00

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

Bond Guaranty Reserve Fund

0

$0.00

$0.00

Capital Access Program

6

$79,750.00

$13,291.67

State Facilities Finance

0

$0.00

$0.00

Interim Loans with other Agencies

0

$0.00

$0.00

Special Projects Fund

1

$3,470,000.00

$3,470,000.00

Taxable Industrial Revenue Bonds

1

$5,530,000.00

$5,530,000.00

 

TOTAL DEVELOPMENT FINANCE:

$12,549,750.00

 

 

TOTAL FUNDS FOR CONG. DISTRICT 3 FY 2005

$40,210,170.00

 

 

Distribution of these total funds

 

 

% Change from Previous Year

Homeownership

$23,307,372.00

-31.3%

Housing Production

$4,353,048.00

+66.4%

Development Finance

$12,549,750.00

+55.3%

Overall

$40,210,170.00

-1.9%