Agencies | Online Services | Policies | Transparency.Arkansas.gov
  1. Conway
  2. Faulkner
  3. Perry
  4. Pulaski
  5. Saline
  6. Van Buren
  7. White
  8. Yell

 

 

 

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 2

 

HOMEOWNERSHIP

Counties:   Conway, Faulkner, Perry, Pulaski, Saline, Van Buren, White and Yell

HOME-TO-OWN PROGRAM

Loan Statistics

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

MEDIAN LOAN AMT.

197

$14,793,472.00

$75,093.77

$75,899.00

Loans by Originator

 

Originator / Branch

No. Loans

 

Dollar Amount

Arkansas Federal Credit Union, Jacksonville, AR

5

$364,700.00

Arvest Mortgage Company, Lowell, AR

13

$950,069.00

Bank of Dardanelle, Russellville, AR

19

$1,142,393.00

Bank of the Ozarks of Fort Smith, Little Rock, AR

6

$394,113.00

Cornerstone Mortgage Center, Little Rock, AR

3

$195,812.00

Countrywide Home Loans, Inc., North Little Rock, AR

17

$1,491,514.00

First Arkansas Mortgage, Jacksonville, AR

2

$194,947.00

First Arkansas Valley Bank, Russellville, AR

8

$586,450.00

First Arkansas Valley Bank, Searcy, AR

1

$57,049.00

First Financial Bank, North Little Rock, AR

1

$93,532.00

First Security Bank, Conway, AR

4

$354,004.00

First Security Bank, Searcy, AR

12

$977,386.00

Metropolitan National Bank, Little Rock, AR

9

$740,257.00

Moore Mortgage, Little Rock, AR

1

$60,025.00

Moore Mortgage, Lowell, AR

5

$334,278,00

Pulaski Mortgage Company, Bryant, AR

6

$493,421.00

Pulaski Mortgage Company, Conway, AR

1

$73,742.00

Pulaski Mortgage Company, Little Rock, AR

27

$2,035,032.00

Regions Mortgage, Benton, AR

1

$61,042.00

Regions Mortgage, Little Rock, AR

28

$2,075,673.00

Regions Mortgage, Searcy, AR

1

$67,497.00

Simmons First Bank, Russellville, AR

6

$409,750.00

Simmons First Mortgage, Searcy, AR

3

$231,071.00

Simmons First National Bank, Pine Bluff, AR

4

$293,932.00

The Carroll Mortgage Group, Inc., Little Rock, AR

11

$892,158.00

Union Bank of Benton, Benton, AR

1

$102,655.00

US Bank Home Mortgage, North Little Rock, AR

2

$120,970.00

 
Loans by New or Existing
 

New or Existing

No. Loans

Dollar Amount

Existing Construction

165

$11,816,322.00

New or Proposed Construction

32

$2,977,150.00

Loans by Loan Type

Loan Type

No. Loans

Dollar Amount

FHA

157

$11,911,941.00

VA

3

$294,832.00

Conventional

12

$681,479.00

Rural Development

25

$1,905,220.00

Uninsured

0

$0.00

Other

0

$0.00

Demographics

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

107

$7,996,901.00

54.3%

Minorities

74

$5,504,617.00

37.6%

Unknown

16

$1,291,954.00

8.1%

 

Ethnicity

Mean Income

Median Income

Non-Minorities

$36,214.60

$34,476.00

Minorities

$34,202.64

$38,100.00

Unknown

$38,340.90

$41,796.00

 

Average Household Size:

2.4

 

 

Loan Cancellation Rate:

27.3%

 

DOWN PAYMENT ASSISTANCE PROGRAM

Loan Statistics

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

% of H2O (1ST) LOANS

126

$335,226.00

$2,660.52

64.0%

Loans by Homebuyer Counselor

Counselor

No. Loans

Dollar Amount

Argenta Neighborworks Homeownership Center, North Little Rock, AR

18

$45,618.00

Arkansas River Valley Area Council, Inc., Dardanelle, AR

3

$8,145.00

Community Resource Technicians, Little Rock, AR

18

$49,236.00

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

1

$2,200.00

Dream Makers Housing Counseling Agency, Pine Bluff, AR

9

$23,736.00

Family Service Agency, Little Rock, AR

1

$3,000.00

In Affordable Housing, Inc., Little Rock, AR

63

$168,279.00

Universal Housing Development Corporation, Russellville, AR

13

$35,012.00

 

Loans by New or Existing

 

New or Existing

No. Loans

Dollar Amount

Existing Construction

105

$277,701.00

New or Proposed Construction

21

$57,525.00

Demographics

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

66

$171,158.00

52.4%

Minorities

44

$119,763.00

34.9%

Unknown

16

$44,305.00

12.7%

 

Loan Cancellation Rate:

16.4%

 

ADDI LOAN PROGRAM 

Loan Statistics

NO. LOANS

DOLLAR AMOUNT

MEAN LOAN AMT.

% of H2O (1ST) LOANS

24

$100,501.00

$4,187.54

12.2%

Loans by Homebuyer Counselor

Counselor

No. Loans

Dollar Amount

Argenta Neighborworks Homeownership  Center, North Little Rock, AR

1

$4,640.00

Community Resource Technicians, Little Rock, AR

4

$20,000.00

Dream Makers Housing Counseling Agency, Inc., Pine Bluff, AR

1

$4,455.00

In Affordable Housing, Inc., Little Rock, AR

11

$41,260.00

Mississippi County EOC, Blytheville, AR

1

$5,000.00

Universal Housing Development Corporation, Russellville, AR

6

$25,146.00

 

Loans by New or Existing

 

New or Existing

No. Loans

Dollar Amount

Existing Construction

15

$63,505.00

New or Proposed Construction

9

$36,996.00

Demographics

Ethnicity

No. Loans

Dollar Amount

Percent

Non-Minorities

12

$47,071.00

50.0%

Minorities

12

$53,430.00

50.0%

 

Loan Cancellation Rate:

33.3%

 

TOTAL HOMEOWNERSHIP:

$15,229,199.00

          Total Economic Impact

Local Jobs Supported

101

Local Business Owners’ Income

$837,760.00

Local Wages & Salaries

$3,767,360.00

Local Government Revenue

$594,240.00

 

 

TOTAL MONETARY IMPACT

$5,199,360.00

 

HOUSING PRODUCTION

HOME Allocations / Board Approvals FY 2005

Program Statistics

 

 

No. Units

 

HOME Funds

Rental New Construction

20

$800,000.00

Rental Rehab

10

$400,000.00

Homeowner New Construction

5

$440,000.00

Homeowner Rehab or Mortgage Subsidy

11

$291,700.00

Tenant Based Rental Assistance

50

$362,000.00

Acq / Rehab

31

$1,190,000.00

TOTAL

127

$3,483,700.00

Average Amount per Unit

 

$27,430.71

Low-Income Housing Tax Credits / Board Approvals FY 2005

 

No. Units

 

Federal LIHTC

 

State LIHTC

 

Total Funds

Average

Per Unit

Acq / Rehab

371

$1,360,243.00

$0.00

$1,360,243.00

$3,666.42

New Const.

105

$476,607.00

$0.00

$476,607.00

$4,539.11

 

 

 

 

 

 

Total

476

$1,836,850.00

$0.00

$1,836,850.00

$3,858.93

Multifamily Housing Bonds

 

No. Units

Dollar Amount

Average per Unit

Acq / Rehab

355

$17,300.000.00

$48,732.39

New Const.

107

$2,900,000.00

$27,102.80

 

 

 

 

Total

462

$20,200,000.00

$43,722.94

  

Disbursements of FY05’s & Previous Years’ HOME Allocations/Approvals and

 

 

 
TOTAL HOUSING PRODUCTION:

$25,520,550.00

 

          Total Economic Impact

Local Jobs Supported

377

Local Business Owners’ Income

$3,488,640.00

Local Wages & Salaries

$14,253,180.00

Local Government Revenue

$2,403,180.00

 

 

TOTAL MONETARY IMPACT

$20,145,000.00

 

DEVELOPMENT FINANCE

 

Program Statistics

 

Program

 

No. Projects

 

Project Amount

Average Project Amount

ADFA Bond Guaranty

1

$150,000.00

$150,000.00

AEDC/Other Bond Guaranty

0

$0.00

$0.00

Higher Education Facilities

1

$1,140,000.00

$1,140,000.00

Wastewater Revolving Loan

1

$13,000,000.00

$13,000,000.00

Safe Drinking Water Revolving Loan

2

$3,550,000.00

$1,775,000.00

Bond Guaranty Reserve Fund

0

$0.00

$0.00

Capital Access Program

0

$0.00

$0.00

State Facilities Finance

4

$78,250,000.00

$19,562,500.00

Interim Loans with other Agencies

1

$5,000,000.00

$5,000,000.00

Special Projects Fund

2

$14,000,000.00

$7,000,000.00

Taxable Industrial Revenue Bonds

0

$0.00

$0.00

 

TOTAL DEVELOPMENT FINANCE:

$115,090,000.00

 

 

TOTAL FUNDS FOR CONG. DISTRICT 2 FY 2005

$155,839,749.00

 

 

Distribution of these total funds

 

 

% Change from Previous Year

Homeownership

$15,229,199.00

-30.3%

Housing Production

$25,520,550.00

+58.1%

Development Finance

$115,190,000.00

+45.1%

Overall

$155,839,749.00

+38.6%