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Report for Housing Division <br />Projects and Activities <br />March 2, 2009 <br />Page 3 <br />issues such as compliance with prevailing wage requirements and/or Davis- <br />Bacon. As of December 31, 2008, there were a total of 233 units underway. <br />Loan Portfolio Management <br />The Housing Division is responsible for ensuring the integrity of the <br />residential loan portfolio. As of the end of the second quarter of the <br />fiscal year, the principal balance was $58,155,141. This is comprised of <br />424 loans of which 347 are deferred or residual receipts payment loans. <br />The loan portfolio generated $152,823 in repayments of principal and <br />interest through the second quarter of the fiscal year. <br />Development Projects/Multi-Family Rehabilitation <br />Townsend and Raitt <br />On January 7, 2008, the City Council and Community Redevelopment Agency <br />approved $8,991,422 in loans to Townsend & Raitt, LLC for acquisition and <br />rehabilitation of five apartment buildings on Townsend and Raitt Streets. <br />The buildings contain a total of 51 one bedroom apartment units, 50 of <br />which are to be restricted to occupancy by very low-income households. <br />The remaining unit was to be reserved for an onsite manager. The <br />acquisition of 701 and 709 S. Townsend was completed on February 15, <br />2008, and the acquisition of 817 and 821 S. Raitt and 834 S. Raitt was <br />completed May 15, 2008. The rehabilitation of 701. S. Townsend is now <br />complete, and rehabilitation of 709 S. Townsend will begin soon. <br />Wilshire/Minnie <br />On December 18, 2006, the City Council, Community Redevelopment Agency <br />and Housing Authority approved $10,500,000 and $7,967,109 in bonds in <br />loans to Wilshire/Minnie, L.P for acquisition and rehabilitation of 17 <br />apartment buildings on Wilshire and Minnie Streets. The original 166 <br />units were to be converted into 144 one, two, three and four bedroom <br />units, with 143 of the units restricted to low and very low-income <br />households. The remaining unit was to be reserved for an onsite manager. <br />The rehabilitation work is approximately 70 percent complete. The <br />remaining work is scheduled to be completed by April 2009. Eighty units <br />have been leased up in accordance with the recorded restrictions and <br />another forty will be ready for occupancy within the next two months. <br />r <br />