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quarterly deport For Housing Division <br />Dro~ect and Activities <br />January 19, 2010 <br />~a ge 2 <br />for these px~ogxams on ~. continuing bas~.s , chart ~. shows the number of <br />app~.~.cations sent out by typo during this quarter. <br />Loan Underwriting and Appraval process <br />In this process, staff reviews app~.icant el.igibil.~.t~, ver~.f~.e ~.ncome and <br />assets, oversees underwriting, conducts an inspection of the unit, and <br />prepares a work write up to determine rehabilitation work to be <br />performed ~ Duo to the campl.ex fund~.ng requirements, appl.~.cants may be ~.n <br />underwriting several months, It is largely determined by the applicant's <br />tame~.y submittal of the necessary paperwork, Once approved, staff <br />prepares a1.~. necessary Loan documents, makes a~xangements for eecut~.on, <br />anal reserves the required loan funds, Two mobile home rehabilitation <br />~.oans and four hor~ebuyer assa~stanoe loans have been approved and funded <br />~~~. fay s cal year . <br />construction Process <br />During th~.s phase, staff mon~.tors the construct~.on ~rork, approves <br />payments to oontractars, and tracks expenditures to ensure they do not <br />exceed available funds . u~.t~.ama~~.y prod ect~ often involve add~.ta~onal <br />issues such ~ cor~p~.a~ance w~.th p~ceva~.~..ing wage requa~rer~ents and~ox~ Dava~s~ <br />Bacon, A of December 1, 2D~9, and including the multifamily units, <br />there was a total of ~.4 units underway. <br />Loan ~o~t~'o1.~.0 ~nage~en~ <br />The Housing D~~ision is responsible for ensur~.r~ the .integra~t~r of the <br />residential loan portfolio, As of the end of the calendar year, the <br />pr~.nc~.pa1 balance was 7 ~., ~ ~.~, 7 ~ . This is comprised of ~ 1~ loans of <br />which 349 are deferred or residual receipts payment ~.oans. The Loan <br />portfolio generated X44,$68 in repayments of principal and interest for <br />the quarter ending December ~., ~ ~ . <br />D~v~~.oprne~ ~a~v~eo~s~u~.~~~~'a~i~y Rea~,i~~taa~on <br />Townsend and ~aitt <br />The city Douncil and Agency have approved loans to Orange Housing <br />Developr~ent corporation ~OHDC} and &c Developr~ent for acquisition and <br />rehab~.~.~tata on of six apartment buildings ~.n the ~`ownsend and Haitt area . <br />Rents are to be restricted to those affordable to extremely low- and very <br />Iow~income households. Four of the six buildings are now complete, a is <br />3-2 <br />