19F - HOUSING DIV REPORT - Laserfiche WebLink

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Quarterly Report for Housing Division August 20, 2019 Page 3 updated program requires the buyer must be a current resident of Santa Ana and/or work in Santa Ana at least 32 hours 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 70 people attended. Univision also featured the City of Santa Ana's Down Payment Assistant Program in a news report in June. In addition, one (1) inclusionary housing purchase application at City Ventures was received and is still undergoing review. 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 $136,856,258. This is comprised of 415 loans of which 391 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $122,352 in payments of principal and interest during this quarter. Table 2: Portfolio Revenue Funding Source HOME CDBG Redevelopment NSP CalHOME Loan Payoffs $0 $0 $18,046 $6,144 $0 Residual Receipts Payments $11,957 $6,663 $35,839 $4,892 $0 Amortized Loan Payments $3,870 $5,583 $19,360 $0 $0 Total For Q3 $15,827 $12,246 $73,245 $11,036 $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, 76 owner -occupancy recertification letters were mailed and 52 were returned and processed. Staff also conducted building code compliance inspections for 125 units on fourteen (14) properties. 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 all of the inspected units were found to be in compliance at the time of initial inspection. Available Funds and Land Assets for Affordable Housing Development Projects The City of Santa Ana and the Housing Authority acting as the Housing Successor Agency manages multiple sources of local, state and federal funds to promote and facilitate the development of affordable housing as well as land assets held by the Housing Authority. Exhibit 1 provides a summary of the funds available as of the end of May 31, 2019. The reconciliation of available funds as of the end of the fourth quarter is not yet complete as of the date of this report. Exhibit 2 provides a summary of available land assets. 19F-3