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f Year-End Report far Housing - Ei~isian Projects and Activities september S, 2DD9 Page constructiop Process During this phase, staff monitors the construction work, appraves payments to contactors, and tracks expenditures to epsure they do not exceed available funds. Multifam~.ly projects often involve additional issues such as compliance with prevailing gage requireents and~or ~avis- ~acon. As ofTune ~Q09, and including the multifamily units, Chore sere a total of units upderway. loan ~art~o~.~.o Management The Housing Division i responsible for ensuring the integrity of the residential lawn portfolio. As of the end of the fiscal. year, the principal balance was 59,891,9 This is comprised of X93 loans of ~rh.~ch X51 are deferred or residual receipts payment loans, The loan portfolio generated 7,481 in repayments of principal and interest through the end of the fiscal year. _ Development Pro~ect~Mult~.~~`~rnii~r ehab~.~.ita~i~n S 1 To~rnsepd and Ra~.tt The city council and community redevelopment Agency ha~re approved loans f to AHD and for acquisition and rehabilitation of a total of sip apartment buildings an Townsepd and Raitt streets. The first phase included five buildings that captained a total. of 51 one bedroom - apartment un~.ts, ~0 of which are to be restricted to occupancy by very _ log-income households, The remaining unit is reserved fog an onsite manager. The second phase included a single building at 7a~ Raitt that contains one bedroom units. These gill be reconfigured into S units with one-, tiro-, apd three-bedrooms. wilshire~Minnie The city council, Community Redevelop~ner~t Agency and Housing Authority - appraved bonds and loans to T~~~.shlre~Minnie, L~. P far acquisit~.on and rehabilitation of 17 apartment buildings on l~ilshire and Minnie streets. The orig~.na~. i~ units were to be converted into i44 one-, tea-, three- and four-bedroom units, with 14 of the units restricted to law and very log-income households. The remaining unit is reserved far an onsite manager. The rehabilitation work is complete and the units are completely leased up. The ones and Mariners church Lighthouse Ministries held a grand opening on May 28 to commemorate the completion of the units and the opening of the an-site community center.