03 QUARTERLY REPORT 05-04-2009 - Laserfiche WebLink

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Quarterly Roport For Housing Di~risian Projects and A~ti~r.~tie day 4, 20D9 Page L~~n Po~t~'o~.io ana~e~~nt Tho Housing Di~rision is rosponsibl.o far ~nsurin the rote rit of the g ~ Y re~sidnt.ial laan portfalia. As of the end of the seoond ~.arter of tho f~.saal year, the prino~.pai balance was ~7, ~5, iS This is coy. riled f ~ ~ 412 .loans of which X42 aro deferxed or residual recoi t~s a eat Ica The 1 ~ ~ ~ ~ ns' Dan portfolio generated 2~ 2 ~n repayments of prino~.~al and interest through the third quarter of the fiscal ear, Y ~v~logment Pr~~~~t/Mul~i.-~'aily Rha~ili~t~ti~~ , Tawnsend and ~a~.tt an January 2D08, the Clty Cour~cll and Community Rode~relo m.ent ~ Inc ~ ~ y appra~red 8, 991, 42 in loans to Townsend ~ Rain, ~,LC far aC uisition and q rehabilitation of fi~ro apartment buildings on Townsend and Raitt streets, The buildings car~tain a total of 51 one bedroom a ax~tmer~t units t ~ 50 of wh~oh are to b~ restricted to oaoupancy by ~r~ry 1.a~r-~inca~.e hauohalds . The remaining unit was to be re.or~red for an ons~.te many or, The g acquis~.tion of 7D1 and 709 Townsend was completed on February 1~, 200$, and the acquisition of S17 and 821 ~aitt and 884 Raitt was Comp~.oted May 15, 2008. The rehabilitation of 7~1 Townsend is now complete, and rehabilitation of 709 and 817 Townsend is underwa - y wil,hire/Minnie ~n Decerner 18, 200, the City Counoil, Corrlmun~.ty Roe~relo meat A enc and H ~ g y Dosing ~uthor~ty appro~red X10, 500, 000 and 7, 9~7, l09 in bandy in loans to wilshiro/Minnie, ~,P for acquisition and rehabilitation of 17 apartment bu.ild.ings on Wilshire and N~innie Streets. The on final 1 g units were to be eon~rerted ~.r~to ~.4~ one, two three and four bodraom f units, with 14 of the units restricted to law and ver low-income y households. The remaining unit was to be roser~rod for an onite many er, g The rehabilitation work was completed in earlT1r/} A ril of 2D09 and the F r ' F 1 y 1 u.n~.ts are bung leased up ~n accordance w~.th the recorded restrictions. Rant Street ~nfill .Site Curio Center Baria Hauling ~orparation ~CCBHC~ is ro asin to construct ~ p g an ~.1~unit affordable housing project cor~pr~.sed of three tri lees and . two single family units. The project wi~.l be rote rated with BH's g e~~~tzng i2~-u~~.t do~rela~~en.t to the north. flans are p~aooeding through the City's site plan review process, while the develo er continues p profarma preparation and lender negotiations. This material will form the basis of a ~ispositian and De~relopr~ent A regiment ~D~~} which is g antlc~.pated to be oonsldered In date summer of 2009. -t,: ,Fl