19F - HOUSING PROJECT REPORT - Laserfiche WebLink

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Quarterly Report Housing Division Projects and Activities March 5, 2019 Page 3 established by the U.S. Department of Housing and Urban Development (HUD). Applicants must meet established income requirements, complete an eight-hour pre -purchase counseling program from a HUD -approved housing counseling agency, be pre -qualified for a first mortgage and have a minimum of three percent of the purchase price from their own savings. Other HUD requirements apply, including a current maximum sales price of $513,000 for a single family home or condo. On March 6, 2018, City Council approved an update to the Down Payment Assistance Loan Program increasing the loan amount to $80,000 for low income households and approving the use of the Inclusionary Housing Fund to offer down payment assistance of up to $40,000 for moderate income households. The updated program requires the buyer must be a current resident of Santa Ana or work in Santa Ana at least 32 hour per week (except U.S Military Veterans). Additionally, the property needs to be in good condition and pass an inspection. During this quarter, staff conducted one (1) down payment assistance workshop in which a total of 24 people attended and performed outreach at a booth at the United for Housing Fair at the Orange County Fairgrounds. During this quarter, no down payment assistance applications were received. Loan Portfolio Management & Monitoring The Housing Division is responsible for managing the residential loan portfolio which includes all of the loans entered into by the City and Housing Authority acting as the Housing Successor Agency. As of the end of this quarter, the principal balance was $130,010,022. This is comprised of 410 loans of which 387 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $229,833 in payments of principal and interest during this quarter. Table 2: Portfolio Revenue Monitoring As part of the requirements for these funds, staff must monitor the owner -occupancy of single family homes that have received loans, and the building code compliance of units in rental projects with long-term affordability covenants. During this quarter, 54 owner -occupancy recertification letters were mailed and 44 were returned and processed. Staff also audited files for twenty-four loans (24) loans and conducted building code compliance inspections for 3 units in one (1) project. Regulations require that only a sample of units be selected for inspection. Staff also inspects the grounds and common areas such as laundry rooms to ensure they also meet municipal code requirements. The grounds, common areas and 19F-3 Funding Source HOME CDBG Redevelopment NSP CaIHOME Loan Payoffs $0 $46,070 $0 $12,058 $0 Residual Receipts $129,631 $0 $10,420 $0 $0 Payments Amortized Loan $3,881 $6,354 $21,419 $0 $0 Payments Total For 02 $133,512 $52,424 $31,839 $12,058 $0 Monitoring As part of the requirements for these funds, staff must monitor the owner -occupancy of single family homes that have received loans, and the building code compliance of units in rental projects with long-term affordability covenants. During this quarter, 54 owner -occupancy recertification letters were mailed and 44 were returned and processed. Staff also audited files for twenty-four loans (24) loans and conducted building code compliance inspections for 3 units in one (1) project. Regulations require that only a sample of units be selected for inspection. Staff also inspects the grounds and common areas such as laundry rooms to ensure they also meet municipal code requirements. The grounds, common areas and 19F-3