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Quarterly Report for Housing Division Projects and Activities <br />September 7, 2021 <br />Page 2 <br />1 <br />9 <br />4 <br />3 <br />The number of applications received is typically lower than the number of applications <br />sent out in any given period due to the stringent program guidelines for eligibility regulated <br />by the federal government, which makes it difficult for most applicants to qualify. Due to <br />the Coronavirus (COVID-19), application processing for the Single-Family and Mobile <br />Home Rehabilitation Program continued to be on hold during the fourth quarter. There <br />are currently nine applications for the Single-Family Rehabilitation Program and four <br />applications for the Mobile Home Rehabilitation Program on hold. <br />Homeowners who have second liens with the City of Santa Ana have been interested in <br />refinancing their first lien mortgage to take advantage of the low interest rates. When the <br />first lien is refinanced, it is necessary for the City to subordinate its second lien. During <br />the fourth quarter, three requests for subordination were received, approved, and <br />processed. <br />Rehabilitation Loan Underwriting and Approval Progress <br />During this quarter, no mobile home rehabilitation loans were funded due to the program <br />being on hold. <br />Rehabilitation Program Construction Progress <br />Homeowners receiving rehabilitation loans are guided through an open selection of <br />contractors to complete the work on their homes. Each homeowner is given a list of <br />contractors that have been screened by staff for license and insurance requirements. <br />However, homeowners are allowed to select any contractor that meets these same <br />requirements. Staff assists the homeowners with the evaluation of bids and selection of <br />a contractor. Staff also monitors the construction work, approves payments to contractors, <br />and tracks expenditures to ensure compliance with the loan agreement and program <br />guidelines. During this quarter, zero additional homes were completed. <br />Down Payment Assistance Loan Program (DPAP) Progress <br />For the Down Payment Assistance Loan Program, staff evaluates applicant eligibility and <br />oversees underwriting to ensure compliance with program guidelines and requirements <br />established by the U.S. Department of Housing and Urban Development (HUD). During <br />this quarter, staff conducted one down payment assistance virtual workshop via Zoom <br />with 24 attendees. Five down payment assistance loans closed escrow. Eight down <br />payment assistance applications were received, and five applications were approved. <br />Loan Portfolio Management & Monitoring <br />The Housing Division is responsible for managing the residential loan portfolio, which <br />includes all of the loans entered into by the City and Housing Authority acting as the <br />Housing Successor Agency. As of the end of the fourth quarter, the principal balance was <br />$138,481,778.26. This is composed of 369 loans, of which 346 are deferred or residual <br />receipt payment loans. As shown in Table 2, the loan portfolio generated $159,735.00 in <br />payments of principal and interest during the fourth quarter. The amount of residual <br />receipts payments changes every quarter.