FY2017 Annual Report of Program Activity. July 1, 2016 June 30, 2017

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1 FY2017 Annual Report of Program Activity July 1, 2016 June 30, 2017

2 TABLE OF CONTENTS Section I. Introduction 3 Lending Programs Section II. Affordable Housing 4 Part 1 Single Family Housing Lending Programs (H2O, DPA, ADDI Loans and MCC Fees Paid) 5 Part 2 Multifamily Housing and HOME Lending Programs 13 Section III. Development Finance 17 Part 1 ARCash and Capital Access 18 Part 2 Other Development Finance Programs 19 Part 3 Venture Capital 20 Section IV. Student Loans 21 Non-Lending Activities Section V. Non-Lending Information 51 Part 1 Affordable Housing Compliance and Monitoring Review 52 Part 2 ADFA Bond Indebtedness as of 06/30/ Part 3 Economic Policy Division 64 2

3 Section I Introduction The FY2017 Annual Report of Program Activity organizes the work of the Arkansas Development Finance Authority into two categories: Lending Programs Non-Lending Activities Lending Programs include Affordable Housing, Development Finance, Venture Capital, and Student Loans. Non-Lending Activities include Housing Compliance Monitoring, Bond Indebtedness, and research and analysis conducted by the Economic Policy Division. 3

4 Section II Affordable Housing Affordable Housing includes reported data from ADFA s Single Family Housing, Multifamily Housing, and HOME departments. 4

5 PART 1. SINGLE FAMILY HOUSING PROGRAMS Congressional District County Originator # Loans Mortgage Total $ Amount # Loans Downpayment Assistance Total $ Amount American Dream Downpayment Initiative # Loans Total $ Amount Loan Amount Total 1 Arkansas ENGLAND LENDING 1 $90,824 1 $5,000 $95,824 Arkansas County Total 1 $90,824 1 $5,000 $95,824 EAGLE BANK & TRUST LITTLE ROCK 1 $5,202 $5,202 Cleburne Cleburne County Total 1 $5,202 $5,202 Craighead CENTENNIAL BANK 1 $86,406 1 $4,000 $90,406 FIRST FINANCIAL BANK 6 $823,306 5 $29,000 4 $27,591 $879,897 IBERIABANK MORTGAGE COMPANY 3 $408,540 4 $24,000 $432,540 INTERLINC MORTGAGE SERVICESLLC 3 $297,706 3 $15,917 $313,623 SOUTHWEST FUNDING, LP 1 $5,694 $5,694 SUPREME LENDING 13 $1,866, $80,350 1 $5,340 $1,952,584 Craighead County Total 26 $3,482, $153,267 6 $38,625 $3,674,744 Crittenden IBERIABANK MORTGAGE COMPANY 50 $5,359, $160,968 4 $19,797 $5,539,840 INTERLINC MORTGAGE SERVICESLLC 1 $70,204 1 $4,000 $74,204 SOUTHWEST FUNDING, LP 2 $9,394 $9,394 5

6 SUPREME LENDING 3 $564,386 3 $17,500 $581,886 Crittenden County Total 54 $5,993, $182,468 6 $29,191 $6,205,324 Greene FIRST FINANCIAL BANK 2 $6,210 $6,210 SUPREME LENDING 2 $168,271 2 $12,000 $180,271 Greene County Total 2 $168,271 2 $12,000 2 $6,210 $186,481 Lonoke BANK OF LITTLE ROCK MORTGAGE 1 $106,400 1 $6,000 $112,400 EAGLE BANK & TRUST LITTLE ROCK 2 $13,200 $13,200 PILGRIM MORTGAGE 1 $8,100 $8,100 PRIMARY RESIDENTIAL MORGAGE 2 $9,420 $9,420 Lonoke County Total 1 $106,400 1 $6,000 5 $30,720 $143,120 Mississippi SOUTHWEST FUNDING, LP 1 $3,120 $3,120 SUPREME LENDING 3 $259,707 3 $15,500 $275,207 Mississippi County Total 3 $259,707 3 $15,500 1 $3,120 $278,327 Phillips SOUTHWEST FUNDING, LP 1 $5,100 $5,100 Phillips County Total 1 $5,100 $5,100 Poinsett IBERIABANK MORTGAGE COMPANY 1 $76,095 1 $4,000 $80,095 Poinsett County Total 1 $76,095 1 $4,000 $80,095 Randolph SUPREME LENDING 2 $256,323 1 $3,000 $259,323 Randolph County Total 2 $256,323 1 $3,000 $259,323 St. Francis IBERIABANK MORTGAGE COMPANY 1 $171,830 1 $6,000 $177,830 St. Francis County Total 1 $171,830 1 $6,000 $177,830 PRIMARY RESIDENTIAL Stone MORGAGE 1 $4,200 $4,200 Stone County Total 1 $4,200 $4,200 Congressional District 1 Total 91 $10,605, $387, $122,368 $11,115,570 6

7 Conway CENTENNIAL BANK 3 $237,701 2 $9,481 1 $1,663 $248,845 IBERIABANK MORTGAGE COMPANY 1 $122,719 3 $16,289 $139,008 2 Conway County Total 4 $360,420 2 $9,481 4 $17,952 $387,853 Faulkner BANK OF LITTLE ROCK MORTGAGE 2 $206,857 2 $7,800 1 $2,800 $217,457 1ST SECURITY 9 $996,116 4 $24,000 7 $50,547 $1,070,663 ARVEST BANK 1 $5,000 $5,000 BANK OF THE OZARKS 2 $12,090 $12,090 CENTENNIAL BANK 12 $1,541,193 9 $54,000 6 $39,496 $1,634,689 EAGLE BANK & TRUST LITTLE ROCK 6 $35,721 $35,721 FIRST ARKANSAS FINANCIAL, INC 1 $7,185 $7,185 FIRST FINANCIAL BANK 2 $13,556 $13,556 IBERIABANK MORTGAGE COMPANY 14 $1,993, $74, $87,856 $2,156,074 PREMIER NATIONWIDE LENDING 3 $453,141 2 $12,000 1 $10,000 $475,141 SOUTHWEST FUNDING, LP 3 $20,490 $20,490 SUPREME LENDING 1 $196,315 1 $6,000 $202,315 THE CARROLL MORTGAGE GROUP INC 1 $5,220 $5,220 Faulkner County Total 41 $5,386, $178, $289,961 $5,855,601 Perry ARVEST BANK 1 $95,733 1 $6,000 $101,733 CENTENNIAL BANK 1 $6,000 $6,000 Perry County Total 1 $95,733 2 $12,000 $107,733 Pulaski BANK OF LITTLE ROCK MORTGAGE 13 $1,571, $66, $80,032 $1,717,297 1ST SECURITY 25 $2,830, $143, $132,907 $3,107,287 ARVEST BANK 11 $1,331,404 9 $52,279 4 $27,427 $1,411,110 7

8 BANCORPSOUTH 2 $192,809 1 $4,803 $197,612 BANK OF THE OZARKS 1 $169,750 1 $6, $66,879 $242,629 BEAR STATE BANK, NA 1 $152,192 1 $5,407 $157,599 CENTENNIAL BANK 5 $639,107 4 $22,170 2 $10,734 $672,011 EAGLE BANK & TRUST LITTLE ROCK 2 $13,834 $13,834 ENGLAND LENDING 4 $438,204 4 $27,660 5 $30,056 $495,920 FIRST ARKANSAS FINANCIAL, INC 1 $6,679 $6,679 FIRST FINANCIAL BANK 1 $3,300 $3,300 IBERIABANK MORTGAGE COMPANY 6 $865,328 9 $51, $62,605 $979,305 PILGRIM MORTGAGE 5 $32,608 $32,608 PREMIER NATIONWIDE LENDING 6 $780,522 4 $24,000 8 $61,948 $866,470 PRIMARY RESIDENTIAL MORGAGE 6 $39,230 $39,230 REGIONS MORTGAGE, INC. 1 $6,370 $6,370 SIMMONS BANK 8 $929,322 4 $20, $201,301 $1,150,804 SOUTHWEST FUNDING, LP 2 $13, $201,477 $215,127 THE CARROLL MORTGAGE GROUP INC 15 $93,499 $93,499 Pulaski County Total 82 $9,900, $438, $1,069,319 $11,408,691 Saline 1ST SECURITY 6 $733,030 5 $26,484 1 $4,500 $764,014 ARVEST BANK 2 $8,800 $8,800 BANK OF THE OZARKS 1 $122,637 1 $6,000 1 $5,580 $134,217 EAGLE BANK & TRUST LITTLE ROCK 3 $15,478 $15,478 IBERIABANK MORTGAGE COMPANY 1 $4,000 $4,000 SIMMONS BANK 1 $75, $65,327 $140,932 SOUTHWEST FUNDING, LP 3 $22,155 $22,155 8

9 THE CARROLL MORTGAGE GROUP INC 3 $24,291 $24,291 Saline County Total 8 $931,272 6 $32, $150,131 $1,113,887 Van Buren 1ST SECURITY 1 $71,725 2 $9,024 $80,749 ARVEST BANK 1 $41,239 1 $3,550 $44,789 IBERIABANK MORTGAGE COMPANY 1 $3,900 $3,900 Van Buren County Total 2 $112,964 2 $7,450 2 $9,024 $129,438 White 1ST SECURITY 1 $3,470 $3,470 ENGLAND LENDING 1 $4,500 $4,500 PREMIER NATIONWIDE LENDING 1 $122,911 1 $6,000 $128,911 SOUTHWEST FUNDING, LP 1 $6,540 $6,540 White County Total 1 $122,911 1 $6,000 3 $14,510 $143,421 Congressional District 2 Total 139 $16,910, $684, $1,550,897 $19,146,624 Benton ARMSTRONG BANK 4 $559,427 1 $6,000 2 $15,872 $581,299 ARVEST BANK 5 $775,086 4 $22,500 1 $6,600 $804,186 BANCORPSOUTH 1 $154,695 1 $6,000 $160,695 BANK OF THE OZARKS 1 $4,140 $4,140 3 CENTENNIAL BANK 2 $251,133 2 $12,000 $263,133 DAS ACQUISITION COMPANY, LLC 3 $469,341 4 $19,300 $488,641 FAIRWAY INDEPENDENT MORTGAGE C 2 $375,968 3 $16,500 $392,468 FIRST WESTERN MORTGAGE INC 3 $404,634 3 $17,600 $422,234 PRIMARY RESIDENTIAL MORGAGE 1 $127,546 1 $6,000 $133,546 SIMMONS BANK 1 $118,808 1 $5,923 $124,731 UNITED BANK - SPRINGDALE 1 $145,122 1 $6,000 $151,122 9

10 Benton County Total 23 $3,381, $117,823 4 $26,612 $3,526,195 Carroll ARVEST BANK 2 $227,758 2 $8,000 $235,758 Carroll County Total 2 $227,758 2 $8,000 $235,758 Crawford ARMSTRONG BANK 10 $1,245,324 3 $8,189 $1,253,513 BANCORPSOUTH 1 $3,200 $3,200 CENTENNIAL BANK 2 $211,212 1 $6,000 1 $6,000 $223,212 Crawford County Total 12 $1,456,536 4 $14,189 2 $9,200 $1,479,925 Marion ARVEST BANK 1 $88,868 1 $5,300 $94,168 Marion County Total 1 $88,868 1 $5,300 $94,168 Pope SIMMONS BANK 1 $184,103 1 $6,000 $190,103 SOUTHWEST FUNDING, LP 1 $3,120 $3,120 Pope County Total 1 $184,103 1 $6,000 1 $3,120 $193,223 Sebastian ARMSTRONG BANK 20 $1,962,905 7 $39, $69,571 $2,071,930 ARVEST BANK 5 $442,497 5 $23,800 $466,297 BANCORPSOUTH 1 $5,460 $5,460 CENTENNIAL BANK 1 $130,591 1 $6,000 1 $3,494 $140,085 FIRST FINANCIAL BANK 2 $8,261 $8,261 FIRST WESTERN MORTGAGE INC 1 $66,768 $66,768 PRIMARY RESIDENTIAL MORGAGE 1 $7,314 $7,314 Sebastian County Total 27 $2,602, $69, $94,100 $2,766,115 Washington ARMSTRONG BANK 5 $804,143 3 $17,505 1 $8,400 $830,048 ARVEST BANK 14 $1,608, $66,400 2 $17,424 $1,692,754 BEAR STATE BANK, NA 1 $136,776 1 $5,800 $142,576 CENTENNIAL BANK 6 $775,119 3 $18,000 2 $18,912 $812,031 FIRST WESTERN MORTGAGE INC 1 $100,152 1 $4,760 $104,912 10

11 IBERIABANK MORTGAGE COMPANY 1 $112,917 $112,917 SIMMONS BANK 1 $218,862 1 $6,000 $224,862 Washington County Total 29 $3,756, $118,465 5 $44,736 $3,920,100 Congressional District 3 Total 95 $11,698, $333, $183,068 $12,215,484 4 Bradley PREMIER NATIONWIDE LENDING 1 $7,200 $7,200 Bradley County Total 1 $7,200 $7,200 Clark 1ST SECURITY 1 $178,899 $178,899 ENGLAND LENDING 1 $64,313 1 $5,000 $69,313 SOUTHERN BANCORP BANK 1 $3,120 $3,120 Clark County Total 2 $243,212 1 $5,000 1 $3,120 $251,332 Columbia BANK OF THE OZARKS 1 $5,250 $5,250 PILGRIM MORTGAGE 1 $3,960 $3,960 Columbia County Total 2 $9,210 $9,210 Drew ARMSTRONG BANK 5 $844,341 $844,341 Drew County Total 5 $844,341 $844,341 Franklin ARMSTRONG BANK 1 $98,639 $98,639 Franklin County Total 1 $98,639 $98,639 Garland ARVEST BANK 2 $193,862 1 $4,300 1 $4,200 $202,362 BANCORPSOUTH 2 $157,732 2 $6,858 $164,590 BANK OF THE OZARKS 1 $6,000 1 $5,370 $11,370 SIMMONS BANK 2 $152,192 3 $16,264 $168,456 Garland County Total 6 $503,786 4 $17,158 5 $25,834 $546,778 Grant 1ST SECURITY 1 $6,300 $6,300 FIRST FINANCIAL BANK 1 $4,200 $4,200 11

12 Grant County Total 2 $10,500 $10,500 Hempstead BANK OF LITTLE ROCK MORTGAGE 1 $135,353 $135,353 Hempstead County Total 1 $135,353 $135,353 Jefferson ENGLAND LENDING 2 $218,861 2 $12,000 $230,861 PREMIER NATIONWIDE LENDING 2 $255,485 2 $12,000 $267,485 SIMMONS BANK 6 $552,174 5 $24,250 2 $8,351 $584,775 SOUTHWEST FUNDING, LP 3 $14,538 $14,538 Jefferson County Total 10 $1,026,520 9 $48,250 5 $22,889 $1,097,659 Little River PREMIER NATIONWIDE LENDING 1 $37,532 1 $3,000 $40,532 Little River County Total 1 $37,532 1 $3,000 $40,532 Miller PREMIER NATIONWIDE LENDING 2 $169,385 1 $4,400 1 $5,400 $179,185 Miller County Total 2 $169,385 1 $4,400 1 $5,400 $179,185 Union SIMMONS BANK 1 $69,714 1 $6,000 $75,714 Union County Total 1 $69,714 1 $6,000 $75,714 Yell CENTENNIAL BANK 2 $166,415 2 $8,400 $174,815 Yell PILGRIM MORTGAGE 1 $5,100 $5,100 Yell SOUTHWEST FUNDING, LP 1 $5,100 $5,100 Yell County Total 2 $166,415 2 $8,400 2 $10,200 $185,015 Congressional District 4 Total 31 $3,294, $92, $94,353 $3,481,458 State of Arkansas Total 356 $42,510, $1,498, $1,950,686 $45,959,136 12

13 PART 2. HOME FUNDING FY2017 (July 1, June 30, 2017) A. MULTIFAMILY DEVELOPMENT APPLICANT PROJECT NAME CITY(IES) COUNTY DISTRICT ACTIVITY TYPE FUNDING TYPE # OF UNITS/ TENANTS AMOUNT ALLOCATED Carroll Partners, LP Carroll House Apartments Berryville, Eureka Springs, Green Forrest Carroll 3 ACQ-REHAB HOME/CHDO 10 $900,000 Crowley's Ridge Development Council Plainview Terrace Apartments Bono Craighead 1 ACQ-REHAB HOME/CHDO 46 $1,500,000 Pulaski County Neighborhood Alliance For Habitat Pulaski County Neighborhood Alliance Habitat Little Rock Pulaski 2 NEW CONSTRUCT HOME/CHDO 16 $1,584,000 Regional Housing Solutions Quail Run Apartments Fort Smith Crawford 3 ACQ-REHAB HOME/CHDO 24 $1,245,000 CHDO SET-ASIDE TOTAL: $5,229,000 13

14 B. HOMEOWNER/HOMEBUYER APPLICANT PROJECT NAME CITY(IES) COUNTY DISTRICT ACTIVITY TYPE Miller, Monroe, Third Party Consultants/Comm ThirdPartyConsultants/Comm Cleveland & ResTechnician, Inc. ResTechnician, Inc. Various Pulaski 1 & 2 REHAB ONLY FUNDING TYPE # OF UNITS/ TENANTS AMOUNT ALLOCATED SETTLEMENT FUNDS 4 $11,298 Habitat For Humanity Of Central Arkansas Habitat For Humanity Of Central Arkansas Habitat For Humanity Of Saline County, Arkansas Inc Habitat For Humanity Of Greater Jonesboro, Inc Habitat for Humanity Of Independence County, AR Habitat For Humanity Eldorado, AR Habitat For Humanity Of Central Arkansas Little Rock Lonoke 1 NEW CONSTRUCT HOME 12 $1,188,000 Habitat For Humanity Of Central Arkansas Little Rock Pulaski 2 NEW CONSTRUCT HOME 12 $1,188,000 Habitat For Humanity Of Saline County, Arkansas Benton Saline 2 NEW CONSTRUCT HOME 16 $1,188,000 Habitat For Humanity Of Greater Jonesboro Jonesboro Craighead 1 NEW CONSTRUCT HOME 12 $1,188,000 Habitat For Humanity Of Independence County Batesville Independence 1 NEW CONSTRUCT HOME 4 $396,000 Habitat for Humanity Eldorado El Dorado Union 4 NEW CONSTRUCT HOME 6 $550,000 Habitat For Humanity of White County, AR Inc Habitat for Humanity of White County Searcy White 2 NEW CONSTRUCT HOME 5 $396,000 HOMEOWNER/HOMEBUYER TOTAL : $6,105,298 14

15 C. MULTI-FAMILY RENTAL APPLICANT PROJECT NAME CITY(IES) COUNTY DISTRICT ACTIVITY TYPE FUNDING TYPE # OF HOME UNITS / TENANTS AMOUNT ALLOCATED WM Housing Partners II, L.P. Barton Court II/West Memphis/Crittenden County West Memphis Crittenden 1 ACQ-REHAB TC w/home 5 HOME /79 TC UNITS $450,000 Robindale East, LP Robindale East/Blytheville/Mississippi County Blytheville Mississippi 1 ACQ-REHAB Mountain View Heights, L.P. Mountain View Heights Hot Springs Garland 4 ACQ-REHAB BRAD Black River Housing, L.P. BRAD Black River Housing Pocahontas Randolph 1 ACQ-REHAB TC w/home 4% Bonds with HOME HOME ONLY 5 HOME /55 TC UNITS $450,000 5 HOME / 365 UNITS $450,000 5 HOME / 14 UNITS $225,000 MULTI-FAMILY/RENTAL TOTAL: $1,575,000 15

16 D. TENANT-BASED RENTAL ASSISTANCE APPLICANT PROJECT NAME CITY(IES) COUNTY DISTRICT ACTIVITY TYPE Little Rock Housing Authority DBA Metropolitan Housing Alliance FUNDING TYPE # OF UNITS/ TENANTS AMOUNT ALLOCATED Metropolitan Housing Alliance/Pulaski County Little Rock Pulaski 2 TBRA HOME 180 $522,720 PATHFINDER INC Pathfinder, Inc. Jacksonville Pulaski, Saline, Lonoke 2 TBRA HOME 10 $75,680 Pulaski County Community Service White River Regional Housing Authority Region 2 Pulaski County Community Little Rock Pulaski 2 TBRA HOME 37 $221,556 White River Regional Housing Melbourne Independence, White, Woodruff 1 TBRA HOME 60 $275,000 Life Styles, Inc. Life Styles, Inc. Fayetteville Washington 3 TBRA HOME 25 $105,700 Community Dev Corp of Bentonville and Bella Vista Crowley's Ridge Development Council Community Dev Corp of Bentonville and Bella Vista Bentonville, Bella Vista Benton 3 TBRA HOME 20 $95,274 Crowley's Ridge Development Jonesboro Craighead 1 TBRA HOME 20 $22,000 TBRA TOTAL: $1,317,930 TOTALS OF PARTS A, B, C, D: TOTAL HOME FUNDING FY 2017 (July 1, June 30, 2017) CHDO SET-ASIDE TOTAL: $5,229,000 HOMEOWNER/HOMEBUYER TOTAL : $6,105,298 MULTI-FAMILY/RENTAL TOTAL: $1,575,000 TBRA TOTAL: $1,317,930 TOTAL HOME FUNDS ALLOCATED $14,227,228 16

17 Section III Development Finance Development Finance includes ARCash, Capital Access, State Small Business Credit Initiative, ADFA Guaranteed Revenue Bonds, AEDC/Other Guaranteed Revenue Bonds, Safe Drinking Water Revolving Loan Fund, State Facilities Finance, and Wastewater System Revolving Loan Fund. ADFA administers the programs of the Arkansas Venture Capital Investment Trust (AVCIT). The AVCIT was created pursuant to the provisions of the laws of the State of Arkansas, including Title 28, Chapter 72, Subchapter 2 of the Arkansas Code of 1987 Annotated. The AVCIT operates five programs that are intended to stimulate venture capital investments in Arkansas. Those programs are the Arkansas Institutional Fund, Arkansas Risk Capital Matching Fund (ARCM), ADFA Co-Investment Fund (ACIF), Seed and Angel Capital Network (SACN) and the Arkansas Venture Development Fund. 17

18 Part 1. ArCash And Capital Access ArCash Capital Access Congressional District County Number of Loans $ Amount Number of Loans $ Amount Total Number of Loans Total $ Amount 1 Craighead 4 $92,500 4 $92,500 Greene 2 $34,200 2 $34,200 Jackson 2 $35,000 2 $35,000 Lee 1 $30,000 1 $30,000 2 Faulkner 3 $50,000 3 $50,000 Pulaski 7 $152,000 7 $152,000 Saline 1 $15,000 1 $15,000 3 Benton 1 $12,500 1 $12,500 Boone 2 $30,000 2 $30,000 Crawford 3 $80,000 3 $80,000 Logan 1 $115,000 1 $115,000 Washington 8 $130,000 8 $130,000 4 Hot Spring 1 $4,000 1 $25,000 2 $29,000 Jefferson 1 $45,000 1 $45,000 Lafayette 6 $140,994 6 $140,994 Madison 6 $81,000 6 $81,000 Miller 1 $15,000 1 $15,000 Sebastian 10 $259, $259,724 TOTAL 15 $458, $888, $1,346,918 18

19 Part 2. Other Development Finance Program Bond Issues Issued City Issues Amount ADFA Guaranteed Revenue Bonds 1 $2,715,000 Congressional District $2,715,000 Ashley County 1 $2,715,000 Crossett 1 $2,715,000 AEDC Other Guaranteed Revenue Bonds 1 $2,715,000 Congressional District $2,715,000 Ashley County 1 $2,715,000 Crossett 1 $2,715,000 ADFA Conduit Issues $53,150,000 Congressional Distict - 1 $9,650,000 Washington County 1 $9,650,000 Fayetteville 1 $9,650,000 Congressional District - 2 $43,500,000 Faulkner County 1 $24,000,000 Conway $24,000,000 Pulaski County 1 $19,500,000 Little Rock $19,500,000 ADFA State Agency Bonds $115,675,000 Statewide issuance Higher Education Refunding Bonds 1 $84,000,000 State Police Construction Bonds 1 $31,675,000 19

20 Part 3. Venture Capital ADFA administers the programs of the Arkansas Venture Capital Investment Trust (AVCIT). The AVCIT was created pursuant to the provisions of the laws of the State of Arkansas, including Title 28, Chapter 72, Subchapter 2 of the Arkansas Code of 1987 Annotated. The AVCIT operates five programs that are intended to stimulate venture capital investments in Arkansas. Those programs are the Arkansas Institutional Fund, Arkansas Risk Capital Matching Fund (ARCM), ADFA Co-Investment Fund (ACIF), Seed and Angel Capital Network (SACN) and the Arkansas Venture Development Fund. To date, the ARCM, ACIF and SACN programs have made investments totaling $23,081,894. The specific investment activity for these programs during FY2017 is outlined in the chart below. New Investments funded during the year Other Activity Cong Dis County No ARCM SACN ACIF Total Funded Return of Capital Write Downs 2 Pulaski , , , Congressional District 2 Total , , , Benton , Washington , , Congressional District 3 Total , , Part CD1 & Part CD 4 Jefferson , Part Congressional District 1 & 4 Total , TOTAL , , , ,

21 Section IV Student Loans The Arkansas Student Loan Authority Division of ADFA seeks to improve access to higher education funding for Arkansas students. The ASLA Division provides a number of student loan-related services along with free college planning services to college-bound high school students. This section contains financial statements for ASLA s outstanding bonds along with information pertaining to the Division s default prevention program and financial aid awareness program. 21

22 ASLA Bond Balance Sheet April 30, 2017 (Unaudited) ASSETS Cash $ - Assets Held by Trustee Investments 5,050,714 Student Loans Receivable, Net 119,656,961 Accrued Interest Receivable 1,882,319 Deferred Loan Premiums Due from Agency Fund 27,617 Loan Payments from Servicer Receivable 211,595 Total Assets $ 126,829,206 LIABILITIES AND NET ASSETS Notes Payable $ 105,324,147 Less: Deferred amount on refunding of debt (2,948,776) Less: Deferred issue discount (1,062,927) Accrued Interest Payable on Notes 496,933 Accrued Expenses 735,288 Total Liabilities 102,544,665 Net Assets 24,284,541 Total Liabilities and Net Assets $ 126,829,206 22

23 Student Loan Backed Reporting Distribution Report Issuer ASLA Bond Deal Name 2010 Distribution Date May 25, 2017 Collection Period February 1, 2017, through April 30, 2017 Contact Name Mark Conine Contact Number Contact Website Notes/Bonds (FFELP) Class A-1 CUSIP DJ9 Rate % Index 3ML Original Balance 267,500,000 Beg Princ Bal 105,324,149 Interest Accrual 496, Principal Paid 3,973, End Princ Bal 101,350,433 % of Securities 37.89% Maturity 11/25/

24 Portfolio Summary Beg Balance Activity End Balance Principal Balance 123,701,887 (4,178,037) 119,523,850 Capitalized Interest 176,683 (43,572) 133,111 Total Pool Balance 123,878,570 (4,221,609) 119,656,961 Total Accounts Balance Total Trust Assets Weighted Average Coupon (WAC) Weghted Average Maturity (WAM) (0.77) Number of Loans 14,305 (597) 13,708 Number of Borrowers 6,864 (298) 6,566 Average Borrower Indebtedness 18, ,224 Funds and Accounts Beg Balance Activity End Balance Reserve Account 500, ,287 Reserve Amt Required Capitalized Interest Account Capitalized Interest Account Required Collection Fund 4,649,475 (99,048) 4,550,427 Acquisition Account Interest Account Total Accounts Balance 5,149,683 (98,969) 5,050,714 24

25 Balance Sheet and Parity Beg Balance Activity End Balance Assets Loans Receivable 123,878,570 (4,221,609) 119,656,961 Accrued Interest Receivable on Loans 1,955,345 (73,975) 1,881,370 Accrued Interest on Investment 2,984 (2,035) 949 Special Allowance Receivable Loan Payments from Servicer Receivable 64, , ,595 Due from Agency Fund 31,478 (3,861) 27,617 Investments 5,149,683 (98,969) 5,050,714 Total Assets 131,082,549 (4,253,343) 126,829,206 Liabilities Notes Payable 109,369,908 (4,045,761) 105,324,147 Accrued Interest on Notes 521,129 (24,196) 496,933 Accrued Special Allowance Payable 747,238 (91,661) 655,577 Accrued Expenses 82,587 (2,876) 79,711 Total Liabilities 110,720,862 (4,164,494) 106,556,368 Total Parity % % 0.64% % CPR (constant pmt rate) % Current 2-3% Lifetime 2-3% Note: Estimate only 25

26 Servicer Balance Principal % of Principal # of Loans Clms Outstding Edfinancial 107,500, % 12, ,012 Nelnet 12,156, % 1, ,987 Total Portfolio 119,656, % 13, ,999 26

27 Portfolio by Loan Status # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending In School ,264 37, % 0.03% Grace 2 4 5,100 8, % 0.01% Repayment Current 10,056 9,970 92,260,239 92,481, % 77.29% Days Delinquent ,804,120 3,305, % 2.76% Days Delinquent ,474,147 1,592, % 1.33% Days Delinquent ,509,572 1,345, % 1.12% Days Delinquent ,513,515 1,882, % 1.57% Days Delinquent ,654,256 2,481, % 2.07% 271+ Days Delinquent , , % 0.33% Total Repayment 11,640 11, ,045, ,479, % 86.48% Forbearance 1,391 1,120 11,879,152 8,848, % 7.39% Deferment 1,191 1,077 7,551,199 6,646, % 5.55% Claims in Progress , , % 0.53% Claims Denied Total Portfolio 14,305 13, ,878, ,656, % % 27

28 Delinquency Status # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending Current 10,056 9,970 92,260,239 92,481, % 89.37% Days Delinquent ,804,120 3,305, % 3.19% Days Delinquent ,474,147 1,592, % 1.54% Days Delinqent ,509,572 1,345, % 1.30% Days Delinquent ,513,515 1,882, % 1.82% Days Delinquent ,654,256 2,481, % 2.40% 271+ Days Delinquent , , % 0.38% Total Portfolio in Repayment 11,640 11, ,045, ,479, % % Portfolio by Loan Type # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending Subsidized Consolidation Loans 3,626 3,528 47,844,988 46,211, % 38.62% Unsubsidized Consolidation Loans 4,279 4,015 57,263,419 55,307, % 46.22% Subsidized Stafford Loans 4,063 3,861 9,834,792 9,487, % 7.93% Unsubsidized Stafford Loans 2,189 2,165 8,386,546 8,115, % 6.78% PLUS/GradPLUS Loans , , % 0.38% SLS Loans ,108 79, % 0.07% Total Portfolio 14,305 13, ,878, ,656, % % 28

29 Portfolio by Program Type # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending Graduate / 4-Year Loans 12,110 11, ,738, ,747, % 92.55% 2-Year Loans 1,855 1,666 7,205,335 7,006, % 5.86% Proprietary / Technical / Vocational Loans ,075,371 1,040, % 0.87% Unknown (Consolidation) Loans ,859, , % 0.72% Other Loans Total Portfolio 14,305 13, ,878, ,656, % % Portfolio Indices # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending Fixed Loans 9,100 8, ,221,406 95,518, % 79.83% Variable Loans 5,205 5,013 23,657,165 24,138, % 20.17% T-Bill Loans 5,196 5,005 23,616,830 24,118, % 20.16% CMT Loans ,335 20, % 0.02% Total Portfolio 14,305 13, ,878, ,656, % % 29

30 Student Loan Backed Reporting Monitoring Waterfall and Collections Distribution Date May 25, 2017 Collection Period February 1, 2017, through April 30, 2017 Collection Activity Collection Account as of 4/30/2017 Beginning Balance - February 1, ,649,475 Collection Amount Received 5,461,159 Recoveries Reserve Account Excess of Required Reserve Account 315 Interest on Investment Earnings 2,482 Capitalized Interest Account (after a stepdown or release date) Acquisition Account Payments from Guarantor Special Allowance payments to Department of Education Consolidation Rebate Fees (284,591) Transfer from Capitalized Interest Fund Principal payments, interest payments, administration fees, servicing fees, and trustee fees (4,812,019) Transfer to Department Rebate Fund (466,394) Other Amounts Received in Collection Total Available Funds 4,550,427 30

31 Fees Due for Current Period as of 4/30/2017 Indenture Trustee Fees Servicing Fees 69,800 Administration Fees 9,971 Late Fees Other Fees Total Fees 79,771 Cumulative Default Rate as of 4/30/2017 Current Period's Defaults 472, Cumulative Defaults 50,239, Loans for which claims have been filed as of applicable month end 1,919, Cumulative Default Rate 20.41% Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor 49,325, Borrower Recoveries Recovery Rate 98.18% Cumulative Net Loss 914, Cumulative Net Loss 0.37% n/a 31

32 Waterfall for Distribution Amount Due Amount Remaining Total Available Funds $4,550,427 First: Payment required under any Joint Sharing Agreement Second: Trustee Fees Third: Servicing Fees and Backup Servicing Fees $69,800 $4,480,627 Fourth: Administration Fees $9,971 $4,470,656 Fifth: Noteholder Interest $496,940 $3,973,716 Sixth: Reinstate the balance of the Reserve Fund up to the Specified Reserve Fund Balance Seventh: Noteholder Principal, until paid in full $3,973,716 $0 Principal and Interest Distributions Class A-1 Quarterly Interest Due 496, Quarterly Interest Paid 496, Interest Shortfall - Interest Carryover Due - Interest Carryover Paid - Interest Carryover - Quarterly Principal Distribution Amount 3,973, Quarterly Principal Paid 3,973, Shortfall - Total Distribution Amount 4,470,

33 ASLA Bond Balance Sheet June 30, 2017 (Unaudited) ASSETS Cash $ - Assets Held by Trustee Investments 1,448,026 Student Loans Receivable, Net 71,382,911 Accrued Interest Receivable 1,624,200 Due from 2014 Fund 63,672 Loan Payments from Servicer Receivable 93,410 Total Assets $ 74,612,219 LIABILITIES AND NET ASSETS Notes Interest Payable $ 84,459 Accrued Expenses - Administration/Servicing 47,589 Accrued Expenses - Special Allowance 399,582 Note Payable 61,095,317 Total Liabilities 61,626,947 Net Assets 12,985,272 Total Liabilities and Net Assets $ 74,612,219 33

34 Student Loan Backed Reporting Distribution Report Issuer ASLA Deal Name 2012 Distribution Date July 25, 2017 Collection Period June 1, 2017, through June 30, 2017 Contact Name Mark Conine Contact Number Contact Website Notes/Bonds (FFELP) CLASS A-1 CUSIP DK6 Rate % Index 1ML Original Balance 160,700,000 Beg. Princ. Bal. 61,095,321 Interest Accrual 84, Principal Paid 1,015, End Princ Bal 60,080,182 % of Securities Maturity 11/25/

35 Portfolio Summary Beg Balance Activity End Balance Principal Balance 71,903,447 (700,798) 71,202,649 Capitalized Interest 215,991 (35,729) 180,262 Total Pool Balance 72,119,438 (736,527) 71,382,911 Total Accounts Balance Total Trust Assets Weighted Average Coupon (WAC) Weghted Average Maturity (WAM) Number of Loans 22,305 (350) 21,955 Number of Borrowers 6,644 (128) 6,516 Average Borrower Indebtedness 10, ,955 Funds and Accounts Beg Balance Activity End Balance Reserve Account 300, ,000 Reserve Amt Required Capitalized Interest Account Capitalized Interest Account Required Collection Fund 1,195,539 (47,513) 1,148,026 Acquisition Account Interest Account Total Accounts Balance 1,495,539 (47,513) 1,448,026 35

36 Balance Sheet and Parity Beg Balance Activity End Balance Assets Investments 1,495,539 (47,513) 1,448,026 Loans Receivable 72,119,438 (736,527) 71,382,911 Interest Receivable 1,609,006 15,194 1,624,200 Due from 2014 Fund 86,240 (22,568) 63,672 Loan Payments from Servicer Receivable 171,198 (77,788) 93,410 Total Assets 75,481,420 (869,201) 74,612,219 Liabilities Notes Interest Payable 84, ,459 Accrued Expenses - Administrative/Servicing 48,080 (491) 47,589 Accrued Expenses - Special Allowance 310,180 89, ,582 Notes Payable 62,157,763 (1,062,446) 61,095,317 Total Liabilities 62,600,202 (973,255) 61,626,947 Total Parity % % 0.49% % CPR (constant pmt rate) % Current 3-4% Lifetime 3-4% Note: Estimate only 36

37 Servicer Balance Principal % of Principal # of Loans Clms Outstding Edfinancial 71,382, % 21, ,180 Total Portfolio 71,382, % 21, ,180 37

38 Portfolio by Loan Status # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending In School , , % 0.55% Grace ,761 65, % 0.09% Repayment Current 14,216 13,784 41,810,065 40,917, % 57.32% Days Delinquent ,129,685 2,009, % 2.82% Days Delinquent ,945, , % 1.36% Days Delinquent ,101, , % 1.20% Days Delinquent ,613, , % 1.12% Days Delinquent ,714, , % 1.30% 271+ Days Delinquent , , % 0.31% Total Repayment 16,825 15,376 51,911,395 46,701, % 65.42% Forbearance 2,896 4,080 11,349,541 16,097, % 22.55% Deferment 2,351 2,291 8,109,046 7,902, % 11.07% Claims in Progress , , % 0.32% Claims Denied Total Portfolio 22,305 21,955 72,119,438 71,382, % 100% Delinquency Status # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending Current 14,216 13,784 41,810,065 40,917, % 87.62% Days Delinquent ,129,685 2,009, % 4.30% Days Delinquent ,945, , % 2.08% Days Delinqent ,101, , % 1.84% Days Delinquent ,613, , % 1.70% Days Delinquent ,714, , % 1.99% 271+ Days Delinquent , , % 0.47% Total Portfolio in Repayment 16,825 15,376 51,911,395 46,701, % 100% 38

39 Portfolio by Loan Type Subsidized Consolidation Loans Unsubsidized Consolidation Loans # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginnin g Endin g Subsidized Stafford Loans 12,534 12,343 32,844,036 32,444, % Unsubsidized Stafford Loans 9,304 9,164 37,218,285 36,923, % PLUS/GradPLUS Loans ,057,118 2,015, % 2.82% SLS Loans Total Portfolio 22,305 21,955 72,119,438 71,382, % 100% % % Portfolio by Program Type # of Loans Principal % of Principal Beginnin Beginning Ending Beginning Ending g Ending Graduate / 4-Year Loans 17,333 17,049 58,067,845 57,436, % % 2-Year Loans 4,560 4,514 13,082,777 13,020, % % Proprietary / Technical / Vocational Loans , , % 1.30% Unknown (Consolidation) Loans Other Loans Total Portfolio 22,305 21,955 72,119,438 71,382, % 100% 39

40 Portfolio Indices # of Loans Principal % of Principal Beginning Ending Beginning Ending Beginning Ending Fixed Loans 13,145 12,941 47,850,928 47,381, % 66.38% Variable Loans 9,160 9,014 24,268,510 24,001, % 33.62% T-Bill Loans 9,160 9,014 24,268,510 24,001, % 33.62% CMT Loans Total Portfolio 22,305 21,955 72,119,438 71,382, % 100% 40

41 Student Loan Backed Reporting Monitoring Waterfall and Collections Distribution Date July 25, 2017 Collection Period June 1, 2017, through June 30, 2017 Collection Activity Collection Account as of 6/30/2017 Beginning Balance - June 1, ,195,539 Collection Amount Received 1,147,212 Recoveries Reserve Account Excess of Required Reserve Account 115 Interest on Investment Earnings 699 Capitalized Interest Account (after a stepdown or release date) Acquisition Account Payments from Guarantor Transfer from 2010 Collection Fund for correction of error Required Repurchases Special Allowance Payable to Department of Education Consolidation Rebate Fees Rating Agency Surveillance Fees Principal payments, interest payments, administration fees, servicing fees, and trustee fees (1,195,539) Other Amounts Received in Collection Total Available Funds 1,148,026 41

42 Fees Due for Current Period as of 6/30/2017 Indenture Trustee Fees Servicing Fees 41,640 Administration Fees 5,949 Late Fees Other Fees Total Fees 48, Cumulative Default Rate as of 6/30/2017 Current Period Defaults ($) 154, Cumulative Defaults ($) 34,867, Cumulative Default (% of original pool balance) 21.72% Cumulative Default (% of cumulative entered repayment balance) a 49.16% Current Period Payments (Recoveries) from Guarantor ($) 128, Current Period Borrower Recoveries ($) n/a Cumulative Recoveries ($) b $ 32,799, Cumulative Recovery Rate (%) 94.07% Cumulative Net Loss Rate (%) 1.29% Servicer Reject Rate (FFELP) (%) Cumulative Servicer Reject Rate (FFELP) (%) a) Repayment balance includes all repayment loans with the exception of balances in claim status b) Cumulative Recoveries includes 97% of claims in progress balances 42

43 Waterfall for Distribution Amount Due Amount Remaining Total Available Funds $1,148,026 First: Payments made under any Joint Sharing Agreement Second: Trustee Fees $833 $1,147,193 Third: Servicing Fees and Backup Servicing Fees $41,640 $1,105,553 Fourth: Administration Fees $5,949 $1,099,604 Fifth: Noteholder Interest $84,464 $1,015,139 Sixth: Reinstate the balance of the Reserve Fund up to the Specified Reserve Fund Balance Seventh: Noteholder Principal, until paid in full $1,015,140 $0 Principal and Interest Distributions Class A-1 Monthly Interest Due 84, Monthly Interest Paid 84, Interest Shortfall - Interest Carryover Due - Interest Carryover Paid - Interest Carryover - Monthly Principal Distribution Amount 1,015, Monthly Principal Paid 1,015, Shortfall - Total Distribution Amount 1,099,

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51 Section V Non-Lending Activities Non-Lending Activities include the Affordable Housing Compliance and Monitoring Review, Bond Indebtedness, and research and analysis conducted by the Economic Policy Division. 51

52 Part 1. Affordable Housing Compliance and Monitoring Review Compliance Reviews by Congressional District (CD) and County Property Name County CD Review Type Review Year Total Units Units Reviewed % of Units Reviewed Alcott Manor St Francis County 1 Physical Inspection % Alcott Manor St Francis County 1 LIHTC Compliance % Auburn Hills Apartments Lonoke County 1 LIHTC Compliance % Auburn Hills Apartments Lonoke County 1 Physical Inspection % Barton Court Apartments Crittenden County 1 HOME/LIHTC/TCAP/Exchange % Barton Court Apartments Crittenden County 1 Physical Inspection % BRAD Black River Housing Randolph County 1 HOME/LIHTC/MSF % Calico Pines Izard County 1 HOME/LIHTC % Calico Pines Izard County 1 Physical Inspection % Calico Terrace Izard County 1 LIHTC Compliance % Calico Terrace Izard County 1 Physical Inspection % Capri Apartments Mississippi County 1 TE Bonds % Capri Apartments Mississippi County 1 Physical Inspection % Craighead Place Craighead County 1 HOME/LIHTC % Craighead Place Craighead County 1 Physical Inspection % Cypress Point Apartments - Humphrey Arkansas County 1 LIHTC Compliance % Cypress Point Apartments - Humphrey Arkansas County 1 Physical Inspection % Delta Cove Apartments Woodruff County 1 HOME/LIHTC % Delta Hills I Jackson County 1 Physical Inspection % Delta Hills I Jackson County 1 HOME % 52

53 Delta Hills II Izard County 1 HOME % Earle Apts fka Davis Manor Crittenden County 1 LIHTC Compliance % Earle Apts fka Davis Manor Crittenden County 1 Physical Inspection % Garden Manor Apartments Craighead County 1 HOME/LIHTC/TCAP/Exchange % Garden Manor Apartments Craighead County 1 Physical Inspection % Glen Echo Apartments Searcy County 1 LIHTC Compliance % Glen Echo Apartments Searcy County 1 Physical Inspection % Hickory Square Apartments - Stuttgart Arkansas County 1 Physical Inspection % Hickory Square Apartments - Stuttgart Arkansas County 1 LIHTC Compliance % Homewood Village Apartments Sharp County 1 HOME/LIHTC % Homewood Village Apartments Sharp County 1 Physical Inspection % Hughes Towers II St Francis County 1 HOME/LIHTC % Imperial Homes North Crittenden County 1 LIHTC Compliance % Imperial Homes North Crittenden County 1 Physical Inspection % Jonesboro Sunset Gardens Craighead County 1 HOME/LIHTC % Jonesboro Sunset Gardens Craighead County 1 Physical Inspection % Kenmont Apartments Jackson County 1 Physical Inspection % Kenmont Apartments Jackson County 1 LIHTC Compliance % Magnolia Lane Apartments Arkansas County 1 LIHTC Compliance % Magnolia Lane Apartments Arkansas County 1 Physical Inspection % Malcolm Manor Crittenden County 1 HOME/LIHTC % Malcolm Manor Crittenden County 1 Physical Inspection % Meadows - West Memphis Crittenden County 1 LIHTC/TE Bonds % Meadows - West Memphis Crittenden County 1 Physical Inspection % Meadows at Forrest City St Francis County 1 HOME/LIHTC % Mountainview Estates II Baxter County 1 LIHTC Compliance % Mountainview Estates II Baxter County 1 Physical Inspection % North Acres Apartments Craighead County 1 HOME/LIHTC/TCAP/Exchange % 53

54 Oak Grove Apartments - Osceola Mississippi County 1 LIHTC Compliance % Oak Grove Apartments - Osceola Mississippi County 1 Physical Inspection % Reyno Manor Randolph County 1 LIHTC Compliance % Reyno Manor Randolph County 1 Physical Inspection % Riverside Park Apartments I fka Park Plaza I Crittenden County 1 HOME/LIHTC % Riverside Park Apartments I fka Park Plaza I Crittenden County 1 Physical Inspection % Riverside Park Apartments II fka Park Plaza II Crittenden County 1 HOME/LIHTC % Riverside Park Apartments II fka Park Plaza II Crittenden County 1 Physical Inspection % Savannah Park of Rector fka Willow Gate Clay County 1 LIHTC Compliance % Savannah Park of Rector fka Willow Gate Clay County 1 Physical Inspection % St Francis Assisted Living Center St Francis County 1 HOME/ALIF % St Francis Assisted Living Center St Francis County 1 Physical Inspection % StoneBrook Park of Forrest City St Francis County 1 HOME/LIHTC/CDBG % StoneBrook Park of Forrest City St Francis County 1 Physical Inspection % Sunset Estates of Jonesboro Craighead County 1 HOME/LIHTC/TCAP/Exchange % Sunset Estates of Jonesboro Craighead County 1 Physical Inspection % Turrell Manor Apartments Crittenden County 1 HOME % Turrell Manor Apartments Crittenden County 1 Physical Inspection % Turrell Meadows Crittenden County 1 HOME/LIHTC % Turrell Meadows Crittenden County 1 Physical Inspection % Twin City Manor Phillips County 1 LIHTC/FAF % Twin City Manor Phillips County 1 Physical Inspection % Valley Estates of Mountain Home Baxter County 1 HOME/LIHTC % Valley Estates of Mountain Home Baxter County 1 Physical Inspection % Villas of Jonesboro Craighead County 1 HOME/LIHTC % Villas of Jonesboro Craighead County 1 Physical Inspection % Walker Courts North Apts Craighead County 1 LIHTC Compliance % Walker Courts South Apts Craighead County 1 LIHTC Compliance % 54

55 Walnut Lane Apartments Baxter County 1 HOME/LIHTC % West Helena Village Phillips County 1 LIHTC/MSF % White River Regional Housing Authority Izard County 1 HOME TBRA % Woodlake Apartments Lonoke County 1 HOME/LIHTC % Woodlake Apartments Lonoke County 1 HOME/LIHTC % Arkansas River Apts fka Valley Heights Apts II Pulaski County 2 Physical Inspection % Arkansas River Apts fka Valley Heights Apts II Pulaski County 2 LIHTC/TE Bonds % Asbury Park Pulaski County 2 LIHTC Compliance % BCD Male and Female Empowerment Residential Center Pulaski County 2 Physical Inspection % BCD Male and Female Empowerment Residential Center Pulaski County 2 HOME % Birch House Apartments fka Birch Grove Apts Grant County 2 HOME/LIHTC % Birch House Apartments fka Birch Grove Apts Grant County 2 Physical Inspection % Bluffs on McCain I Pulaski County 2 HOME/LIHTC/TCAP/FAF % Bluffs on McCain I Pulaski County 2 Physical Inspection % Bluffs on McCain II fka North Park Apartments Pulaski County 2 HOME/LIHTC % Bluffs on McCain II fka North Park Apartments Pulaski County 2 Physical Inspection % Buffington Tower Pulaski County 2 Physical Inspection % Chapel Ridge of Benton Saline County 2 LIHTC/TE Bonds % Chapel Ridge of Benton Saline County 2 Physical Inspection % Chapel Ridge of Jacksonville II Pulaski County 2 Physical Inspection % Chapel Ridge of Jacksonville II Pulaski County 2 LIHTC/TE Bonds % Chapel Ridge of Little Rock II Pulaski County 2 Physical Inspection % Chapel Ridge of Little Rock II Pulaski County 2 LIHTC/TE Bonds % Cottages at Conway Phase II Faulkner County 2 LIHTC Compliance % Cottages of Good Shepherd I Pulaski County 2 Physical Inspection % Cottages of Good Shepherd I Pulaski County 2 LIHTC/CDBG % Cottages of Good Shepherd II Pulaski County 2 Physical Inspection % Cottages of Good Shepherd II Pulaski County 2 LIHTC/CDBG % 55

56 Cumberland Manor Pulaski County 2 Physical Inspection % Cumberland Manor Pulaski County 2 HOME/LIHTC % Elm Street Community Pulaski County 2 Physical Inspection % Elm Street Community Pulaski County 2 LIHTC Compliance % Ford Properties Homes Pulaski County 2 Physical Inspection % Ford Properties Homes Pulaski County 2 NSP I % Greenbrier Gardens Faulkner County 2 Physical Inspection % Greenbrier Gardens Faulkner County 2 LIHTC Compliance % Haven Home II Yell County 2 HOME % Haven Home II Yell County 2 Physical Inspection % Manor Pulaski County 2 NSPIII/FAF/ALIF % Manor Pulaski County 2 Physical Inspection % Metropolitan Housing Alliance Pulaski County 2 HOME TBRA % Metropolitan Village Pulaski County 2 Physical Inspection % Metropolitan Village Pulaski County 2 HOME/LIHTC % Park at Whispering Pines Apartments Faulkner County 2 Physical Inspection % Park at Whispering Pines Apartments Faulkner County 2 LIHTC Compliance % Park Ridge at Texarkana Phase II Miller County 2 HOME/LIHTC/TCAP/Exchange % Park Ridge at Texarkana Phase II Miller County 2 Physical Inspection % Peaks at Country Club III fka Peaks NLR II Pulaski County 2 Physical Inspection % Peaks at Country Club III fka Peaks NLR II Pulaski County 2 LIHTC/CDBG % Pinewood Manor Saline County 2 LIHTC/PRLF % Pinewood Manor Saline County 2 Physical Inspection % Pulaski County Housing Authority Pulaski County 2 HOME TBRA % Reed Property Group Pulaski County 2 Physical Inspection % Reed Property Group Pulaski County 2 NSP I % Ridge at Morrilton Conway County 2 LIHTC Compliance % Ridge at North Little Rock II Pulaski County 2 Physical Inspection % 56

57 Ridge at North Little Rock II Pulaski County 2 HOME/LIHTC % Rock Creek Apartments of Conway Faulkner County 2 HOME/LIHTC/TCAP/Exchange % Rock Creek Apartments of Conway Faulkner County 2 Physical Inspection % Senior Residences of Sherwood Pulaski County 2 Physical Inspection % Senior Residences of Sherwood Pulaski County 2 LIHTC Compliance % Somerton Circle Pulaski County 2 Physical Inspection % Somerton Circle Pulaski County 2 HOME % Spanish Jon's Apartments Pulaski County 2 LIHTC/TE Bonds % Spanish Jon's Apartments Pulaski County 2 Physical Inspection % Stone Ridge at Conway fka Park Ridge Phase II Faulkner County 2 Physical Inspection % Stone Ridge at Conway fka Park Ridge Phase II Faulkner County 2 HOME/LIHTC % Stone Ridge at Conway II fka Park Ridge Phase III Faulkner County 2 Physical Inspection % Stone Ridge at Conway II fka Park Ridge Phase III Faulkner County 2 HOME/LIHTC/TCAP/Exchange % Northwood Park Apartments Pulaski County 2 Physical Inspection % Northwood Park Apartments Pulaski County 2 LIHTC Compliance % Summertree & Valley View Apartments Pulaski County 2 LIHTC/TE Bonds % Summertree & Valley View Apartments Pulaski County 2 Physical Inspection % Villas at Country Club Pulaski County 2 Physical Inspection % Villas at Country Club Pulaski County 2 HOME/LIHTC % Villas at Country Club II Pulaski County 2 Physical Inspection % Villas at Country Club II Pulaski County 2 LIHTC/CDBG % Westgate Apartments Saline County 2 LIHTC/PRLF % Westgate Apartments Saline County 2 Physical Inspection % Westside Lofts Pulaski County 2 Physical Inspection % Westside Lofts Pulaski County 2 LIHTC Compliance % Woodbend Apartments Pulaski County 2 LIHTC/TCAP/Exchange % Autumn Village Apartments Boone County 3 HOME/LIHTC % Autumn Village Apartments Boone County 3 Physical Inspection % 57

58 Birchtree Acres Carroll County 3 HOME/LIHTC % Birchtree Acres Carroll County 3 Physical Inspection % Briarwood Apartments Sebastian County 3 LIHTC/TE Bonds % Briarwood Apartments Sebastian County 3 Physical Inspection % Coal Hill Manor Johnson County 3 LIHTC Compliance % Coal Hill Manor Johnson County 3 Physical Inspection % Cottonwood Heights Apartments Boone County 3 LIHTC Compliance % Garden Walk fka Incline Village Crawford County 3 LIHTC Compliance % Garden Walk fka Incline Village Crawford County 3 Physical Inspection % Garden Walk of Barling Sebastian County 3 HOME/LIHTC % Garden Walk of Barling Sebastian County 3 Physical Inspection % Garden Walk of Gravette fka Quail Creek Apts Benton County 3 LIHTC Compliance % Garden Walk of Gravette fka Quail Creek Apts Benton County 3 Physical Inspection % Garden Walk on Elfen Glen II/ Ashley Park II Crawford County 3 LIHTC/PRLF % Garden Walk on Elfen Glen II/ Ashley Park II Crawford County 3 Physical Inspection % Grandview Apartments - Jasper Newton County 3 LIHTC Compliance % Keystone Baxter County 3 HOME/LIHTC % Keystone Baxter County 3 Physical Inspection % Madison Estates Apartments Madison County 3 LIHTC Compliance % Madison Estates Apartments Madison County 3 Physical Inspection % Maple Church Apartments Boone County 3 HOME % Maple Church Apartments Boone County 3 Physical Inspection % Maple Esplanade Assisted Living Boone County 3 HOME/LIHTC/TCAP/Exchange % Northwest Regional Housing Authority Boone County 3 HOME TBRA % Markham Hill Apts Phase I & II fka Meadow Brook I Washington County 3 LIHTC Compliance % Markham Hill Apts Phase I & II fka Meadow Brook I Washington County 3 LIHTC Compliance % Mill Creek Apartments III Washington County 3 HOME % Mill Creek Apartments III Washington County 3 Physical Inspection % 58