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quarterly Report For Housing
<br /> D~.vision Prof ects and Activities
<br /> May 4, ~0~9
<br /> Page ~
<br /> loans for owner a~oupied historic s~.nle far~ily, single family and mobile
<br /> ~.omes. There are four different mobile home programs; Mobile Hame
<br /> ~i~rdship ~orgi~rable Doan Program, Federal Empowerment done ~ox~givable
<br /> Loan Progra~., alHome Mobile Home Rehab Loan Program, and ~alHome
<br /> Replacement Doan Program. The Housing Di~rision reviews applications to
<br /> determ~.ne which program best fits the needs of the applicants.
<br /> Applications are mailed out end received for these progr~.ms ors a
<br /> continuing bass. chart 1 show, the nurr~ber of applications sent out b
<br /> type during this second quarter of the f~.soal year.
<br /> Loan Underwriting and Approval Process
<br /> In. this process, staff reviews applicant eligibility, ~rerifies income and
<br /> assets, oversees underwriting, conducts inspection of the unit, and
<br /> prepares a work write up to determine rehabilitation work to be
<br /> perfor~.ed. due to the complex funding requ~.rements, applicants ray be in 4
<br /> underwriting several months. It is largely determ~.ned by the applicant's
<br /> t~.mely submittal of the necessary paperwork. once approved, staff 5
<br /> prepares all necessary loan docur~ent, makes arrangements for execution,
<br /> and reserves the required loan funds. Two sing~.e family rehab loans, two -
<br /> mobile home replacement loans, f,i~re mobile have rehab loans and three
<br /> single family new construction loans were appro~red during the first three
<br /> quarters of the fiscal year,
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<br /> Chan ~ ~~an A~~~ov~d
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<br /> ~ ~ total number of loans
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<br /> Single family Mobile Nome Mobile Nome Homeb~ayer flew
<br /> Reh~~il~#a#ior~ Replacement Rehabilitation Constriction
<br /> onstx~uctian Process
<br /> i
<br /> During this phase, staff monitors the construction work, approves
<br />
<br /> payments to contractors, and tracks expenditures to ensure they do not
<br /> exceed a~railable funds . Multifamily p~oj ects often involve additiana~.
<br /> issues such as compliance with prevailing wage requirements and~or Davis
<br />
<br /> Pacon, ~ls of March 31, ~~~9, there was a total o ~5 units underway.
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