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Item 07 - Quarterly Report for Housing Division Projects and Activities
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05/04/2021 Regular
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Item 07 - Quarterly Report for Housing Division Projects and Activities
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8/21/2023 5:01:00 PM
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Agenda Packet
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Clerk of the Council
Item #
7
Date
5/4/2021
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Quarterly Report for Housing Division <br />May 4, 2021 <br />Page 2 <br />6 <br />8 <br />5 <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 pandemic (COVID-19), application processing for the Single-Family and <br />Mobile Home Rehabilitation Program continues to be on hold during the third quarter. <br />There are currently nine (9) applications for the Single-Family Rehabilitation Program and <br />four (4) applications for the Mobile Home Rehabilitation Program currently 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 third quarter, five (5) 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 (0) 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 three (3) down payment assistance virtual workshops via <br />Zoom with 47 attendees. Two (2) down payment assistance loans closed escrow. Six (6) <br />down payment assistance applications were received and three (3) applications were <br />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 third quarter, the principal balance was <br />$136,791,474.75. This is composed of 368 loans, of which 345 are deferred or residual <br />receipt payment loans. As shown in Table 2, the loan portfolio generated $432,499.80 in
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