Item 07 - Quarterly Report for Housing Division Projects and Activities

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Quarterly Report for Housing Division Projects and Activities November 2, 2021 Page 2 2 1 9 5 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 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 to include eligible roof replacement to low- and moderate-income homeowners at or below 80% of the Area Median Income (AMI) as defined by the 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 the U.S. Department of Housing and Urban Development (HUD). During this quarter, staff conducted one down payment assistance virtual workshop via Zoom with 12 attendees. One down payment assistance loan closed escrow. One Inclusionary Housing Buyer was approved and closed escrow. 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 first quarter, the principal balance was $138,539,857.67. This is composed of 368 loans, of which 344 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $408,498.02 in payments of principal and interest during the first quarter. The amount of residual receipts payments changes every quarter. Table 2: Portfolio Revenue Funding Source HOME CDBG Redevelopment NSP CalHOME Loan Payoffs $0 $0 $125,200 $13,785.58 $5,000 Residual Receipts Payments $59,275.31 $0 $96,633.70 $68,830.02 $0 Amortized Loan Payments $2,905.55 $6,478.93 $19,388.93 $0 $11,000 Total for Q1 $62,180.86 $6,478.93 $241,222.63 $82,615.60 $16,000 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, 36 owner-