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Quarterly Report for Housing Division <br />February 2, 2021 <br />Page 3 <br />3 <br />8 <br />8 <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, construction on two (2) mobile homes was 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 two (2) down payment assistance virtual workshops via <br />Zoom with 25 attendees. Two (2) down payment assistance loans closed escrow. Two <br />(2) down payment assistance applications were received and two (2) 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 second quarter, the principal balance <br />was $136,459,381. This is comprised of 364 loans of which 341 are deferred or residual <br />receipt payment loans. As shown in Table 2, the loan portfolio generated $38,129 in <br />payments of principal and interest during the first quarter. The amount of residual receipts <br />payments changes every quarter. <br />Table 2: Portfolio Revenue <br />Funding Source <br />HOME CDBG Redevelopme <br />nt NSP CalHOME <br />Loan Payoffs $70,908 $0 $13,769 $35,640 $0 <br />Residual Receipts <br />Payments $48,819 $0 $0 $0 $0 <br />Amortized Loan Payments $3,290 $6,811 $18,028 $0 $10,000 <br />Total for Q3 $123,017 $6,811 $31,797 $35,640 $10,000 <br />Monitoring <br />As part of the requirements for these funds, staff must monitor the owner-occupancy of <br />single-family homes that have received loans, and the building code compliance of units <br />in rental projects with long-term affordability covenants. During this quarter, 37 owner- <br />occupancy recertification letters were mailed and 31 were returned and processed. This <br />number includes letters sent from previous months. <br />On-site compliance monitoring of the tenant files was not conducted this quarter due to <br />COVID-19. The U.S. Department of Housing and Urban Development (HUD) has <br />temporarily waived the requirement for ongoing periodic inspections of HOME-assisted <br />rental housing through September 30, 2021.