REPORT OF PROGRAM ACTIVITY
FISCAL YEAR 2008: July 1, 2007 June 30, 2008
1st Half of FY2008 = July 1, 2007 December 31, 2007
2nd Half of FY2008 = January 1, 2008 June 30, 2008
BENTON
Countyin Congressional District
3HOMEOWNERSHIP
Home-to-Own (H2O)
General Statistics
|
Time Period |
No. Loans |
Dollar Amount |
Mean Loan Amount |
Median Loan Amount |
|
07/2007 12/2007 |
55 |
$6,035,936.00 |
$109,744.29 |
$112,710.00 |
|
01/2008 06/2008 |
42 |
$4,590,317.00 |
$109,293.26 |
$111,705.00 |
|
Total FY2008 |
97 |
$10,626,253.00 |
$109,549.00 |
$112,207.50 |
Loan Cancellation Rate
Total FY2008:|
07/2007 12/2007 |
8 (12.7%) |
|
01/2008 06/2008 |
9 (17.6%) |
|
FY2008 Total |
17 (14.9%) |
Loans by Originator / Branch
|
7/1/07 - 12/31/07 |
1/1/08 - 6/30/08 |
TOTAL FY 2008 |
||||
|
ORIGINATOR / BRANCH |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
|
Arvest Mortgage Company, Lowell, AR |
33 |
$3,695,031.00 |
15 |
$1,704,444.00 |
48 |
$5,399,475.00 |
|
Bank of Arkansas Mortgage Group, Bentonville, AR |
0 |
$0.00 |
1 |
$99,600.00 |
1 |
$99,600.00 |
|
Bank of the Ozarks, Little Rock, AR |
4 |
$477,258.00 |
0 |
$0.00 |
4 |
$477,258.00 |
|
First Western Mortgage, Rogers, AR |
5 |
$525,663.00 |
7 |
$649,994.00 |
12 |
$1,175,657.00 |
|
Global Mortgage, Inc., Bentonville, AR |
0 |
$0.00 |
3 |
$367,800.00 |
3 |
$367,800.00 |
|
Liberty Bank, Springdale, AR |
0 |
$0.00 |
2 |
$278,533.00 |
1 |
$278,533.00 |
|
Moore Mortgage, Little Rock, AR |
0 |
$0.00 |
3 |
$311,331.00 |
3 |
$311,331.00 |
|
Pulaski Mortgage Company, Bentonville, AR |
3 |
$275,030.00 |
2 |
$232,809.00 |
5 |
$507,839.00 |
|
Pulaski Mortgage Company, Fayetteville, AR |
0 |
$0.00 |
1 |
$99,200.00 |
1 |
$99,200.00 |
|
Regions Mortgage, Little Rock, AR |
4 |
$418,772.00 |
2 |
$189,997.00 |
6 |
$608,769.00 |
|
Simmons First Bank, Russellville, AR |
1 |
$119,920.00 |
0 |
$0.00 |
1 |
$119,920.00 |
|
Simmons First Mortgage Company, Rogers, AR |
2 |
$233,830.00 |
3 |
$346,859.00 |
5 |
$580,689.00 |
|
Simmons First Mortgage Company, Siloam Springs, AR |
3 |
$290,432.00 |
2 |
$176,650.00 |
5 |
$467,082.00 |
|
United Bank, Springdale, AR |
0 |
$0.00 |
1 |
$133,100.00 |
1 |
$133,100.00 |
Loans by New / Existing
|
New / Existing |
Time Period |
No. Loans |
Dollar Amount |
|
Existing Construction |
07/2007 12/2007 |
46 |
$4,876,526.00 |
|
01/2008 06/2008 |
31 |
$3,233,588.00 |
|
|
Total FY2008 |
77 |
$8,110,114.00 |
|
|
New or Proposed Construction |
07/2007 12/2007 |
9 |
$1,159,410.00 |
|
01/2008 06/2008 |
11 |
$1,356,729.00 |
|
|
Total FY2008 |
20 |
$2,516,139.00 |
Loans by Loan Type
|
Loan Type |
Time Period |
No. Loans |
Dollar Amount |
|
FHA |
07/2007 12/2007 |
20 |
$2,076,226.00 |
|
01/2008 06/2008 |
19 |
$2,074,759.00 |
|
|
Total FY2008 |
39 |
$4,150,985.00 |
|
|
VA |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 - 06/2008 |
0 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
|
|
Conventional |
07/2007 12/2007 |
25 |
$2,889,765.00 |
|
01/2008 06/2008 |
13 |
$1,457,690.00 |
|
|
Total FY2008 |
38 |
$4,347,455.00 |
|
|
Rural Development |
07/2007 12/2007 |
10 |
$1,069,945.00 |
|
01/2008 06/2008 |
10 |
$1,057,868.00 |
|
|
Total FY2008 |
20 |
$2,127,813.00 |
Borrowers Profile
|
Ethnicity |
Time Period |
No. Loans |
Dollar Amount |
Percent |
Mean Income |
Median Income |
|
Non-Minority |
07/2007 12/2007 |
51 |
$5,557,617.00 |
92.7% |
$40,104.62 |
$41,424.00 |
|
01/2008 06/2008 |
39 |
$4,244,583.00 |
92.9% |
$39,549.83 |
$38,004.00 |
|
|
Total FY2008 |
90 |
$9,802,200.00 |
92.8% |
$39,827.22 |
$39,714.00 |
|
|
Minority |
07/2007 12/2007 |
4 |
$478,319.00 |
7.3% |
$47,568.30 |
$44,741.52 |
|
01/2008 06/2008 |
3 |
$345,734.00 |
7.1% |
$47,290.00 |
$50,664.00 |
|
|
Total FY2008 |
7 |
$824,053.00 |
7.2% |
$47,429.15 |
$47,702.76 |
|
Gender of Head of Household |
Time Period |
No. Loans |
Percent |
|
Male |
07/2007 12/2007 |
38 |
69.1% |
|
01/2008 06/2008 |
25 |
59.5% |
|
|
Total FY2008 |
63 |
64.9% |
|
|
Female |
07/2007 12/2007 |
17 |
30.9% |
|
01/2008 06/2008 |
17 |
40.5% |
|
|
Total FY2008 |
34 |
35.1% |
|
Age of Head of Household |
Time Period |
No. Loans |
Percent |
|
18 to 22 |
07/2007 12/2007 |
13 |
23.6% |
|
01/2008 06/2008 |
10 |
23.8% |
|
|
Total FY2008 |
23 |
23.7% |
|
|
23 to 30 |
07/2007 - 12/2007 |
27 |
49.1% |
|
01/2008 06/2008 |
18 |
42.9% |
|
|
Total FY2008 |
45 |
46.4% |
|
|
31 to 40 |
07/2007 12/2007 |
6 |
10.9% |
|
01/2008 06/2008 |
10 |
23.8% |
|
|
Total FY2008 |
16 |
16.5% |
|
|
41 to 50 |
07/2007 12/2007 |
3 |
5.5% |
|
01/2008 06/2008 |
4 |
9.5% |
|
|
Total FY2008 |
7 |
7.2% |
|
|
51 to 60 |
07/2007 12/2007 |
6 |
10.9% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
6 |
6.2% |
|
|
61 to 70 |
07/2007 12/2007 |
0 |
0.0% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
71+ |
07/2007 12/2007 |
0 |
0.0% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
Average Age |
07/2007 12/2007 |
29.5 |
|
|
01/2008 06/2008 |
28.4 |
||
|
Total FY2008 |
28.9 |
|
Average Household Size |
07/2007 12/2007 |
2.1 |
|
01/2008 06/2008 |
2.4 |
|
|
Total FY2008 |
2.3 |
Down Payment Assistance Program (DPA)
General Statistics
|
Time Period |
No. Loans |
Dollar Amount |
Mean Loan Amount |
% of H2O Loans |
|
07/2007 12/2007 |
20 |
$87,508.00 |
$4,375.40 |
36.4% |
|
01/2008 06/2008 |
21 |
$85,416.00 |
$4,067.43 |
50.0% |
|
Total FY2008 |
41 |
$172,924.00 |
$4,217.66 |
42.3% |
Loans by Homebuyer Counselor
|
7/1/07 - 12/31/07 |
1/1/08 - 6/30/08 |
TOTAL FY 2008 |
||||
|
HOMEBUYER COUNSELOR |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
|
Crawford Sebastian CDC |
0 |
$0.00 |
2 |
$7,882.00 |
2 |
$7,882.00 |
|
Credit Counseling of Arkansas |
6 |
$33,208.00 |
13 |
$57,549.00 |
19 |
$90,757.00 |
|
EOA of Washington County |
14 |
$54,300.00 |
6 |
$19,985.00 |
20 |
$74,285.00 |
Loans by New / Existing
|
New / Existing |
Time Period |
No. Loans |
Dollar Amount |
|
Existing Construction |
07/2007 12/2007 |
16 |
$74,058.00 |
|
01/2008 06/2008 |
15 |
$65,346.00 |
|
|
Total FY2008 |
31 |
$139,404.00 |
|
|
New or Proposed Construction |
07/2007 12/2007 |
4 |
$13,450.00 |
|
01/2008 06/2008 |
6 |
$20,070.00 |
|
|
Total FY2008 |
10 |
$33,520.00 |
Borrowers Profile
|
Ethnicity |
Time Period |
No. Loans |
Dollar Amount |
Percent |
Mean Income |
Median Income |
|
Non-Minority |
07/2007 12/2007 |
20 |
$87,508.00 |
100.0% |
$44,191.04 |
$48,325.20 |
|
01/2008 06/2008 |
20 |
$80,916.00 |
95.2% |
$40,917.21 |
$39,210.66 |
|
|
Total FY2008 |
40 |
$168,424.00 |
97.6% |
$42,554.13 |
$43,767.93 |
|
|
Minority |
07/2007 12/2007 |
0 |
$0.00 |
0.0% |
$0.00 |
$0.00 |
|
01/2008 06/2008 |
1 |
$4,500.00 |
4.8% |
$50,664.00 |
$50,664.00 |
|
|
Total FY2008 |
1 |
$4,500.00 |
2.4% |
$50,664.00 |
$50,664.00 |
|
Gender of Head of Household |
Time Period |
No. Loans |
Percent |
|
Male |
07/2007 12/2007 |
13 |
65.0% |
|
01/2008 06/2008 |
11 |
52.4% |
|
|
Total FY2008 |
24 |
58.5% |
|
|
Female |
07/2007 12/2007 |
7 |
35.0% |
|
01/2008 06/2008 |
10 |
47.6% |
|
|
Total FY2008 |
17 |
41.5% |
|
Age of Head of Household |
Time Period |
No. Loans |
Percent |
|
18 to 22 |
07/2007 12/2007 |
4 |
20.0% |
|
01/2008 06/2008 |
4 |
19.0% |
|
|
Total FY2008 |
8 |
19.5% |
|
|
23 to 30 |
07/2007 12/2007 |
11 |
55.0% |
|
01/2008 06/2008 |
11 |
52.4% |
|
|
Total FY2008 |
22 |
53.7% |
|
|
31 to 40 |
07/2007 12/2007 |
1 |
5.0% |
|
01/2008 06/2008 |
3 |
14.3% |
|
|
Total FY2008 |
4 |
9.8% |
|
|
41 to 50 |
07/2007 12/2007 |
2 |
10.0% |
|
01/2008 06/2008 |
3 |
14.3% |
|
|
Total FY2008 |
5 |
12.2% |
|
|
51 to 60 |
07/2007 12/2007 |
2 |
10.0% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
2 |
4.9% |
|
|
61 to 70 |
07/2007 12/2007 |
0 |
0.0% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
71+ |
07/2007 12/2007 |
0 |
0.0% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
Average Age |
07/2007 12/2007 |
29.7 |
|
|
01/2008 06/2008 |
29.0 |
||
|
Total FY2008 |
29.4 |
|
Average Household Size |
07/2007 12/2007 |
2.0 |
|
01/2008 06/2008 |
2.2 |
|
|
Total FY2008 |
2.1 |
American Dream Downpayment Initiative (ADDI) Program
General Statistics
|
Time Period |
No. Loans |
Dollar Amount |
Mean Loan Amount |
% of H2O Loans |
|
07/2007 12/2007 |
7 |
$41,843.79 |
$5,977.68 |
12.7% |
|
01/2008 06/2008 |
6 |
$39,176.00 |
$6,529.33 |
14.3% |
|
Total FY2008 |
13 |
$81,019.79 |
$6,232.29 |
13.4% |
Loans by Homebuyer Counselor
|
7/1/07 - 12/31/07 |
1/1/08 - 6/30/08 |
TOTAL FY 2008 |
||||
|
HOMEBUYER COUNSELOR |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
NO. LOANS |
DOLLAR AMOUNT |
|
Credit Counseling of Arkansas |
3 |
$19,649.00 |
3 |
$22,001.00 |
6 |
$41,650.00 |
|
EOA of Washington County |
4 |
$22,194.79 |
2 |
$11,638.00 |
6 |
$33,832.79 |
|
Family Service Agency |
0 |
$0.00 |
1 |
$5,537.00 |
1 |
$5,537.00 |
Loans by New / Existing
|
New / Existing |
Time Period |
No. Loans |
Dollar Amount |
|
Existing Construction |
07/2007 12/2007 |
7 |
$41,843.79 |
|
01/2008 06/2008 |
5 |
$37,538.00 |
|
|
Total FY2008 |
12 |
$79,381.79 |
|
|
New or Proposed Construction |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
1 |
$1,638.00 |
|
|
Total FY2008 |
1 |
$1,638.00 |
Borrowers Profile
|
Ethnicity |
Time Period |
No. Loans |
Dollar Amount |
Percent |
Mean Income |
Median Income |
|
Non-Minority |
07/2007 12/2007 |
7 |
$41,843.79 |
100.0% |
$34,729.85 |
$36,816.12 |
|
01/2008 06/2008 |
6 |
$39,176.00 |
100.0% |
$29,775.06 |
$30,444.00 |
|
|
Total FY2008 |
13 |
$81,019.79 |
100.0% |
$32,252.46 |
$33,630.06 |
|
|
Minority |
07/2007 12/2007 |
0 |
$0.00 |
0.0% |
$0.00 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
0.0% |
$0.00 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
0.0% |
$0.00 |
$0.00 |
|
Gender of Head of Household |
Time Period |
No. Loans |
Percent |
|
Male |
07/2007 12/2007 |
6 |
85.7% |
|
01/2008 06/2008 |
5 |
83.3% |
|
|
Total FY2008 |
11 |
84.6% |
|
|
Female |
07/2007 12/2007 |
1 |
14.3% |
|
01/2008 06/2008 |
1 |
16.7% |
|
|
Total FY2008 |
2 |
15.4% |
|
Age of Head of Household |
Time Period |
No. Loans |
Percent |
|
18 to 22 |
07/2007 12/2007 |
1 |
14.3% |
|
01/2008 06/2008 |
1 |
16.7% |
|
|
Total FY2008 |
2 |
15.4% |
|
|
23 to 30 |
07/2007 12/2007 |
4 |
57.1% |
|
01/2008 06/2008 |
1 |
16.7% |
|
|
Total FY2008 |
5 |
38.4% |
|
|
31 to 40 |
07/2007 12/2007 |
0 |
0.0% |
|
01/2008 06/2008 |
2 |
33.3% |
|
|
Total FY2008 |
2 |
15.4% |
|
|
41 to 50 |
07/2007 12/2007 |
1 |
14.3% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
1 |
7.7% |
|
|
51 to 60 |
07/2007 12/2007 |
1 |
14.3% |
|
01/2008 06/2008 |
2 |
33.3% |
|
|
Total FY2008 |
3 |
23.1% |
|
|
61 to 70 |
07/2007 12/2007 |
0 |
0.0% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
71+ |
07/2007 12/2007 |
0 |
0.0% |
|
01/2008 06/2008 |
0 |
0.0% |
|
|
Total FY2008 |
0 |
0.0% |
|
|
Average Age |
07/2007 12/2007 |
32.7 |
|
|
01/2008 06/2008 |
39.2 |
||
|
Total FY2008 |
36.0 |
|
Average Household Size |
07/2007 12/2007 |
3.1 |
|
01/2008 06/2008 |
3.0 |
|
|
Total FY2008 |
3.1 |
|
TOTAL HOMEOWNERSHIP: |
|||
|
07/2007 12/2007 |
01/2008 06/2008 |
Total FY2008 |
|
|
$6,165,287.79 |
$4,714,909.00 |
$10,880,196.79 |
|
HOUSING PRODUCTION (HP)
Program Partners:
HOME Allocations / Board Approvals by Type
|
Type |
Time Period |
No. Units |
HOME Funds |
|
Acquisition Rehab |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2007 |
10 |
$400,000.00 |
|
|
Total FY2008 |
10 |
$400,000.00 |
|
|
Homeowner Acquisition |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
|
|
Homeowner New Construction |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
|
|
Homeowner Rehab or Mortgage Subsidy |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
|
|
Rental New Construction |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
|
|
Rental Rehab |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
|
|
Tenant Based Rental Assistance |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
10 |
$62,610.00 |
|
|
Total FY2008 |
10 |
$62,610.00 |
|
|
Total |
07/2007 12/2007 |
0 |
$0.00 |
|
01/2008 06/2008 |
20 |
$462,610.00 |
|
|
Total FY2008 |
20 |
$462,610.00 |
|
|
Average Amount Per Unit |
07/2007 12/2007 |
$0.00 |
|
|
01/2008 6/2008 |
$23,130.50 |
||
|
Total FY2008 |
$23,130.50 |
Low Income Housing Tax Credits / Board Approvals (only one round per fiscal year)
|
No. Units |
Federal LIHTC |
State LIHTC |
Total LIHTC |
Average Per Unit |
|
24 |
$115,393.00 |
$0.00 |
$115,393.00 |
$4,808.04 |
Multifamily Housing Bonds
No Multifamily Housing Bond Program Activity FY2008
|
TOTAL HOUSING PRODUCTION: |
|||
|
07/2007 12/2007 |
01/2008 06/2008 |
Total FY2008 |
|
|
$0.00 |
$578,003.00 |
$578,003.00 |
|
DEVELOPMENT FINANCE
|
Program |
Time Period |
No. Projects |
Project Amount |
Average Project Amount |
|
Bond Guaranty |
07/2007 12/2007 |
0 |
$0.00 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
$0.00 |
|
|
Higher Education Facilities |
07/2007 12/2007 |
0 |
$0.00 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
$0.00 |
|
|
Wastewater Revolving Loan Fund |
07/2007 12/2007 |
1 |
$20,000,000.00 |
$20,000,000.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2008 |
1 |
$20,000,000.00 |
$20,000,000.00 |
|
|
Safe Drinking Water Revolving Loan Fund |
07/2007 12/2007 |
0 |
$0.00 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
$0.00 |
|
|
State Facilities Financing |
07/2007 12/2007 |
0 |
$0.00 |
$0.00 |
|
01/2008 06/2008 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
$0.00 |
|
|
Other (Special Projects, Interim Loans, Conduit Issues, Capital Access) |
07/2007 12/2007 |
0 |
$0.00 |
$0.00 |
|
01/2008 06/2007 |
0 |
$0.00 |
$0.00 |
|
|
Total FY2008 |
0 |
$0.00 |
$0.00 |
|
DEVELOPMENT FINANCE: |
|||
|
07/2007 12/2007 |
01/2008 06/2008 |
Total FY2008 |
|
|
$20,000,000.00 |
$0.00 |
$20,000,000.00 |
|
OTHER PROGRAM(S)
Rehab / Disability Loan Program
|
7/2007 - 12/2007 |
1/2008 - 6/2008 |
FY2008 TOTAL |
||||
|
No. Loans |
Dollar Amount |
No. Loans |
Dollar Amount |
No. Loans |
Dollar Amount |
Average Per Unit |
|
0 |
$0.00 |
0 |
$0.00 |
0 |
$0.00 |
$0.00 |
TOTAL FUNDS FOR
BENTON
COUNTY|
07/2007 12/2007 |
01/2008 06/2008 |
Total FY2008 |
|
$26,165,287.79 |
$5,292,912.00 |
$31,458,199.79 |
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