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Quarterly Report for Housing Division November 19, 2019 Page 3 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 40 people attended. The City of Santa Ana participated in the NeighborWorks Homebuyer Fair and Lender Panel in August in which 73 participants attended. In addition, two (2) inclusionary housing purchase applications at City Ventures were received and are 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 $135,269,148. This is comprised of 390 loans of which 367 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $2,130,052 in payments of principal and interest during this quarter. The large increase in payments reflects the payoff of multiple loans which was required for the refinance and resyndication of senior debt for the purpose of rehabilitating 126 units in the Cornerstone Apartments project. This project is discussed in further detail in the section 'Projects Under Development'. Table 2: Portfolio Revenue Funding Source HOME CDBG Redevelopment NSP CaIHOME Loan Payoffs $93,032 $0 $1,853,430 $10,256 $0 Residual Receipts Payments $76,092 $0 $74,650 $0 $0 Amortized Loan Payments $5,859 $5,843 $10,890 $0 $0 Total For Q1 $174,983 $5,843 $1,938,970 $10,256 $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, 44 owner -occupancy recertification letters were mailed and 20 were returned and processed. Staff also conducted building code compliance inspections for 211 units on fourteen (14) properties which represents a sampling of 20% of the total units in the 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. All forty-eight (48) units in a fifteenth property were inspected for compliance. All of the interiors were found to be in compliance. The common areas and exteriors are pending correction of compliance issues and re -inspections are ongoing. 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