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Report for Housing Division <br />Projects and Activities <br />March 2, 2009 <br />Page 2 <br />loans for owner occupied historic single family, single family and mobile <br />homes. There are four different mobile home programs: Mobile Home <br />Hardship Forgivable Loan Program, Federal Empowerment Zone Forgivable <br />Loan Program, CalHome Mobile Home Rehab Loan Program, and CalHome <br />Replacement Loan Program. The Housing Division reviews applications to <br />determine which program best fits the needs of the applicants. <br />Applications are mailed out and received for these programs on a <br />continuing basis. Chart 1 shows the number of applications sent out by <br />type during this second quarter of the fiscal year. <br />Loan Underwriting and Approval Process <br />In this process, staff reviews applicant eligibility, verifies income 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. Due to the complex funding requirements, applicants may be in <br />underwriting several months. It is largely determined by the applicant's <br />timely submittal of the necessary paperwork. Once approved, staff <br />prepares all necessary loan documents, makes arrangements for execution, <br />and reserves the required loan funds. Two single family rehab loans, two <br />mobile home replacement loans, five mobile home rehab loans and three <br />single family new construction loans were approved during the first two <br />quarters of the fiscal year. <br />Chart 2 Loans Approved <br />6 <br />5 <br />4 <br />3 <br />z <br />oso°r°AM~ Chart 2 reflects the <br />total number of loans <br />^ 50% AM 3 <br />approved this fiscal <br />03o%AM1 year by type of loan <br />and income level. <br />a <br />Single Family Mobile Home Mobile Home HomebuyerlVew <br />Rehabilitation Replacement Rehabilitation Construckion <br />Construction Process <br />During this phase, staff monitors the construction work, approves <br />payments to contractors, and tracks expenditures to ensure they do not <br />exceed available funds. Multifamily projects often involve additional <br />;:, <br />