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Quarterly Report for dousing <br /> Di~iion Projects and I~ctivitie <br /> February 1, 2oi~ <br /> Page ~ <br /> used to cover the cost of essential repairs. The Housing Di~~.sion <br /> reviews appl~.cation to determine whioh program best fits the needs of <br /> the applicants. ~ppi~.cations are mailed out ar~d received for these <br /> programs on a continuing basis. chart 1 shows the number of applications <br /> sent out by type dur~.ng this quarter. <br /> Loan Underwrita~ng and Approval Process <br /> In this process, staff reviews appl~.cant eligibility, verifies inoome and <br /> assets, oversees underwriting, conducts ~ .inspection of the unit, and <br /> prepares a work write up to determine rehabllltatlor~ work to be <br /> performed. Due to the complex fuinq 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 a~i necessary loan documents, makes arrangements for execution, <br /> and reserves the required loan funds. Two mobiie home rehabilitation <br /> loans and four hor~ebuyer assistance loans have been approved and funded <br /> this ~isca~. year. <br /> construction Process <br /> During th~.s 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 /> issues such as compliance with prevailing wage requirements and~or Davis- <br /> Bacon. As of December 1, ~00~, and including the multifamily units, <br /> there was a total of X14 units underway. <br /> loan ~~~foli~ M~n~gr~t~nt <br /> The I~ous~.ng Division is responsible for ensuring the integrity of the <br /> residential loan portfolio. As of the end of the calendar year, the <br /> principal balance was ~ 71, 4 ~ 7 4 ~ . This is comprised of 4 ~.4 ~aans of <br /> which X49 are deferred or residual receipts payr~ent loans. The loan <br /> portfolio generated ~~,5~8 in repayments of prir~c,~pal and interest for <br /> the quarter ending December 1, oD~. <br /> <br /> D~velo~a~n~nt Projects/Multi-Far~~..~~r eh~bilit,t~.or~ <br /> Townsend and ~ai.tt <br /> The city council and Agency ha~re approved loans to Orange Housing <br /> Development corporation ~oHDC} and Development for acquisition and <br /> rehabllltation of six apartment build~.ngs in the Townsend and Raitt area. <br /> Rents are to be restricted to those affordable to extremely low and verb <br /> <br />