Item 07 - Housing Division Quarterly Report

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Housing Division Quarterly Report May 2, 2023 Page 2 3 3 9 8 Loan Subordinations 0 0 0 0 0 0 0 0 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. The City of Santa Ana’s Residential Rehabilitation Grant Program is designed to 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-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. A total of one (1) rehabilitation project was completed during this quarter. Down Payment Assistance Loan Program Progress For the Down Payment Assistance Loan Program (DPAP), staff evaluates applicant eligibility and oversees underwriting to ensure compliance with program guidelines and requirements established by HUD. During this quarter, staff conducted two (2) down payment assistance virtual workshops via Zoom with a total of 59 attendees. Five (5) down payment assistance loan applications were approved and five (5) closed escrow. Staff also conduct monthly workshops together with NeighborWorks of Orange County every second Tuesday of the month. In addition to these workshops, staff participated in one workshop with home lending professionals and one First Time Homebuyer Workshop sponsored by Councilmember Phan. In total, 15 professionals and 15 residents attended the workshops to get information on how to qualify for the City’s down payment assistance program. Staff also provided a television interview in Spanish for Estrella TV on January 25. On February 25, staff participated in a First-Time Homebuyer Fair in partnership with the Shalom Center. The event included other homebuying professionals and lenders that provided booths and informational lectures. Staff provided program materials and spoke about the program to all attendees. The event welcomed around 250 people. 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 $144,082,637.77. This is comprised of 341 loans of which 319 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated