19C - RECEIVE AND FILE QRTLY REPORT FOR HOUSING

Home Browse Search

Quarterly Report for Housing Division May 5, 2020 Page 2 The number of applications received is typically lower than the number of applications sent out in any given period due to the stringent program guidelines for eligibility regulated by the federal government, which makes it difficult for most applicants to qualify. Due to the coronavirus (COVID- 19), application processing for the Down Payment Assistance Program, Single -Family and Mobile Home Rehabilitation Program are currently on hold. There are currently nine applications for the Single -Family Rehabilitation Program and four applications for the Mobile Home Rehabilitation Program. Rehabilitation Loan Underwritinq and Approval Progress During this quarter, three (3) home rehabilitation loans were funded this quarter including two mobile homes and one single-family. Rehabilitation Program Construction Progress During this phase, homeowners receiving rehabilitation loans are guided through an open selection of contractors to complete the work on their homes. Each homeowner is given a list of contractors that have been screened by staff for license and insurance requirements. However, homeowners are allowed to select any contractor that meets these same requirements. Staff assists the homeowners with the evaluation of bids and selection of a contractor. Staff also monitors the construction work, approves payments to contractors, and tracks expenditures to ensure compliance with the loan agreement and program guidelines. During this quarter, no rehabilitation of single-family homes or mobile homes were completed. Down Payment Assistance Loan Program (DPAP) Progress For the Down Payment Assistance Loan Program, staff evaluates applicant eligibility and oversees underwriting to ensure compliance with program guidelines and requirements established by the U.S. Department of Housing and Urban Development (HUD). During this quarter, staff conducted one (1) down payment assistance workshop in February. One new down payment assistance application was pending loan packet and escrow information. 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. The information below is from the second quarter. The third quarter updates will be provided once staffing is returned to full capacity after COVID-19. As of the end of the second quarter, the principal balance was $136,950,890. This is comprised of 371 loans of which 345 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $565,429 in payments of principal and interest during the second quarter. The amount of residual receipts payments changes every quarter and is often higher at the end of the year. Table 2: Portfolio Revenue Funding Source HOME CDBG Redevelopment NSP CalHOME Loan Payoffs $29,568 $0 $11,962 $0 Residual Receipts Payments $212,499 $0 $285,434 $0 $0 Amortized Loan Payments $834 $7,392 $17,741 $0 $0 Total For Q2 $242,900 $7,392 $303,175 $11,962 $0 19C-2