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ANNUAL REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2005: July 1, 2004 – June 30, 2005
CONGRESSSIONAL DISTRICT 2 |
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 |
|
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 |
|
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 |
|
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 |
|
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% |
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 |
|
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 |
|
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% |
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 |
|
1 |
$4,640.00 |
|
|
4 |
$20,000.00 |
|
|
1 |
$4,455.00 |
|
|
11 |
$41,260.00 |
|
|
1 |
$5,000.00 |
|
|
6 |
$25,146.00 |
|
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 |
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 |
|
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 |
|
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 |
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% |