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i <br /> uarterl~r Report far ~Iausir~g . <br /> Divisian Pray ects and Activ~.t~.es <br /> November X009 <br /> gage ~ <br /> the cost of essential repairs. The Mousing Division reviews applications <br /> to determine whi.ah program best f its tie needs of the app~.~.oants , <br /> ~ppliaatians are mailed cut and ~eoeived far these programs on a <br /> continuing basis. Chart 1 shows the number a~ applications sent out b - <br /> t~pe during the first quarter of the fiscal gear. <br /> Loan Underwr~.ting and ppraval Process <br /> ~n this p~ooess, staff reviews applleant e.igibilit~, verifies income and <br /> assets, oversees underwriting, conducts an inspeot~.on of the unit, and <br /> prepares a work wr~.te up to determine rehabilitation work to be <br /> performed. Due to the complex funding requirements, applicants mar be in <br /> underwrit~.ng for several months. It ~.s large~.y determined by the <br /> applicant's timely subr~itta~. of the necessary paperwork. Dnoe approved, <br /> staff p~cepares all necessar~r loan documents, makes arrangements far <br /> execution, and reserves the required lawn funds. Twa mobile have <br /> rehabilitation loans were approved during the first quarter of the fiscal <br /> gear. bath were made to household with income below 5~ percent of the <br /> 4-- <br /> area median. <br /> Construction Pracess <br /> i <br /> 5 <br /> During this phase, staff ~nanito~s the construction work, appra~res <br /> patents to oantractors, and tracks expenditures to ensure they do not <br /> exceed available funds . N~uitifamil~r projects often ivol.ve additional <br /> issues such as compliance with prevai~.ing wage requirements and~ar Davis- <br /> Baoan. ~s of September 0, 2D~9, and inolud~.ng the multifamily units, <br /> there were total of 2a units underway, <br /> ~oar~ ~o~~f~li~ M~n~g~mnt <br /> The dousing Division is responsible far ensuring the integrit~r of the <br /> residential loan port~alio, ~s of the end o~ the f fiscal dear, the <br /> principal balance was ~1,41~,~4~. This is comprised of 419 loans of <br /> which ~4 are deferred or residual x~eoeipts pa~rment lawns. The lawn <br /> partfo~.io generated 7~, X89 in repayments of principal and interest far <br /> the quarter end~.ng September 2a~9. <br /> <br /> ~evelop~en~ Proje~/Mul~i-Family R~~bilit~t~.vrt <br /> Townsend and Rant <br /> The its Coun.oil and Community Redevelopment agency have approved loans . <br /> to orange Hauling Develapme.t Corporation ~aHDC~ and C&C Development <br /> ~C&C~ for acquisition and rehabilitat~.on of six apartment bu~.~.dins in <br /> 1s"'i°~ <br /> i <br /> <br />