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19C - QRTLY RPT HOUSING
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19C - QRTLY RPT HOUSING
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11/14/2019 7:24:16 PM
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11/8/2019 9:03:32 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
19C
Date
11/19/2019
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Quarterly Report for Housing Division <br />November 19, 2019 <br />Page 3 <br />needs to be in good condition and pass an inspection. During this quarter, staff conducted one (1) <br />down payment assistance workshop in which a total of 40 people attended. The City of Santa <br />Ana participated in the NeighborWorks Homebuyer Fair and Lender Panel in August in which 73 <br />participants attended. In addition, two (2) inclusionary housing purchase applications at City <br />Ventures were received and are still undergoing review. <br />Loan Portfolio Management & Monitoring <br />The Housing Division is responsible for managing the residential loan portfolio which includes all <br />of the loans entered into by the City and Housing Authority acting as the Housing Successor <br />Agency. As of the end of this quarter, the principal balance was $135,269,148. This is comprised <br />of 390 loans of which 367 are deferred or residual receipt payment loans. As shown in Table 2, <br />the loan portfolio generated $2,130,052 in payments of principal and interest during this quarter. <br />The large increase in payments reflects the payoff of multiple loans which was required for the <br />refinance and resyndication of senior debt for the purpose of rehabilitating 126 units in the <br />Cornerstone Apartments project. This project is discussed in further detail in the section 'Projects <br />Under Development'. <br />Table 2: Portfolio Revenue <br />Funding Source <br />HOME <br />CDBG <br />Redevelopment <br />NSP <br />CaIHOME <br />Loan Payoffs <br />$93,032 <br />$0 <br />$1,853,430 <br />$10,256 <br />$0 <br />Residual Receipts Payments <br />$76,092 <br />$0 <br />$74,650 <br />$0 <br />$0 <br />Amortized Loan Payments <br />$5,859 <br />$5,843 <br />$10,890 <br />$0 <br />$0 <br />Total For Q1 <br />$174,983 <br />$5,843 <br />$1,938,970 <br />$10,256 <br />$0 <br />Monitoring <br />As part of the requirements for these funds, staff must monitor the owner -occupancy of single- <br />family homes that have received loans, and the building code compliance of units in rental <br />projects with long-term affordability covenants. During this quarter, 44 owner -occupancy <br />recertification letters were mailed and 20 were returned and processed. <br />Staff also conducted building code compliance inspections for 211 units on fourteen (14) <br />properties which represents a sampling of 20% of the total units in the properties. Regulations <br />require that only a sample of units be selected for inspection. Staff also inspects the grounds and <br />common areas such as laundry rooms to ensure they also meet municipal code requirements. <br />The grounds, common areas and all of the inspected units were found to be in compliance at the <br />time of initial inspection. All forty-eight (48) units in a fifteenth property were inspected for <br />compliance. All of the interiors were found to be in compliance. The common areas and <br />exteriors are pending correction of compliance issues and re -inspections are ongoing. <br />Available Funds and Land Assets for Affordable Housing Development Projects <br />The City of Santa Ana and the Housing Authority acting as the Housing Successor Agency <br />manages multiple sources of local, state and federal funds to promote and facilitate the <br />
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