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<br /> <br /> <br />May 7, 2024 <br />Page 4 <br /> <br />City of Santa Ana – Quarterly Report <br />Third Quarter of FY 2023-24 <br />JANUARY – MARCH 2024 <br />Loan Portfolio Management & Monitoring <br />Portfolio Management <br />The Housing Division oversees the management of the residential loan portfolio, <br />encompassing all loans provided by the City and the Santa Ana Housing Authority <br />(Housing Authority), acting as the Housing Successor Agency. As of the end of this <br />quarter, the principal balance is $149,661,396. This portfolio is comprised of 343 loans, <br />of which 322 are deferred or residual receipt payment loans. Table 3 illustrates that the <br />loan portfolio yielded $211,910.06 in principal and interest payments during the third <br />quarter. The amount of revenue fluctuates each quarter. <br />Table 3: Portfolio Revenue <br /> HOME CDBG Redevelopment CalHome <br />Loan Payoffs $136,123.78 $0 $50,625.29 $0 <br />Residual Receipts <br />Payments $0 $0 $0 $0 <br />Amortized Loan <br />Payments $1,158.32 $2,673.84 $21,328.83 $0 <br />Total for Q3 $137,282.10 $2,673.84 $71,954.12 $0 <br />Compliance Monitoring <br />As part of the requirements for these loans, 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, 30 owner- <br />occupancy recertification letters were mailed and 16 were returned and processed. This <br />number includes letters sent from previous months. Staff also conducted a total of 242 <br />inspections during this quarter. <br />Density Bonus Agreements <br />Under the California Density Bonus law, developers proposing five or more residential <br />units can seek incentives or concessions in exchange for providing on-site affordable <br />units. To facilitate the feasibility of constructing these on-site affordable units, the law <br />permits developers to request up to three incentives/concessions and an unlimited <br />number of waivers. These waivers entail variances from development standards aimed <br />at ensuring project feasibility without imposing an undue burden or compromising public <br />health. As shown in Table 4, the City of Santa Ana has entered into the following Density <br />Bonus Agreements as of the end of this quarter: <br />EXHIBIT 1