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ANNUAL REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2005: July 1, 2004 – June 30, 2005
CONGRESSSIONAL DISTRICT 3 |
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 |
|
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 |
|
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% |
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 |
|
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% |
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 |
|
6 |
$20,509.00 |
|
|
2 |
$8,640.00 |
|
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 |
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 |
|
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 |
|
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 |
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% |