Agenda Packet_2022-02-01 - Laserfiche WebLink

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Quarterly Report for Housing Division Projects and Activities February 1, 2022 Page 2 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. The City of Santa Ana's Home Repair Program is designed to increase, improve, and preserve affordable housing through the use of federal Community Development Block Grant (CDBG) funds. The Program is administered by Habitat for Humanity of Orange County on behalf of the City. The program provides grants of up to $25,000 for eligible home repairs for low- and moderate -income homeowners at or below 80% of the Area Median Income (AMI) as defined by the U.S. Department of Housing and Urban Development (HUD). Eligible activities include the repair, replacement, and/or installation of major systems including plumbing, heating, electrical, windows, roof, paint, and handicap accessibility. 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 HUD. During this quarter, staff conducted three down payment assistance virtual workshops via Zoom with a total of 62 attendees. One down payment assistance loan application was received and is pending review. During this quarter, the City Council approved an update to the Down Payment Assistance Loan Program and launched the "My First Home" Program to make the program more effective and attainable for low to moderate -income residents. The major update included an increase for the maximum loan amount available to low income buyers to $120,000 and for moderate -income buyers to $80,000. The launch of the "My First Home" Program was advertised by a City press release and on social media. It was also featured on a Telemundo news segment. 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 the second quarter, the principal balance was $137,035,154.77. This is composed of 354 loans, of which 335 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $1,586,055.67 in payments of principal and interest during the second quarter. The amount of residual receipts payments changes every quarter. Table 2: Portfolio Revenue Funding Source HOME CDBG Redevelopment NSP CalHOME Loan Payoffs $263,220.29 $0 $915,825.00 $0 $3,718.00 Residual Receipts Payments $227,284.25 $0 $155,407.29 $0 $0 Amortized Loan Payments $2,130.73 $4,304.08 $14,166.03 $0 $0 Total for Q1 $492,635.27 $4,304.08 $1,085,398.32 $0 $3,718.00 City Council 8-2 2/1/2022