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Quarterly Reportfor Hauling <br /> Division Projects and Activities <br /> May , ~aa <br /> Page ~ <br /> the needs of the applicants. Appliaations are mailed out and received far these programs on a _ <br /> continuing basis. Chart ~ shows the number of applications seat out by type during this quarter. <br /> Loan Underwriting end Approval Process <br /> In this process, staff reviews applicant eligibility, verifies income and assets, oversees <br /> underwriting, conducts an inspection of the unit, and prepares a work vurite u to determine <br /> rehabilitation work to be performed. Due to the oorrrplex funding requirerr~er~ts, applicants may be <br /> in underwriting several months. It is largely determined by the applicant's timely submittal of the <br /> necessary paperwork. Once approved, staff prepares all necessa lawn daour~ents, makes <br /> arrangements far execution, and reserves the required loan funds, Four mobile hone <br /> rehabilitation loans, two single family rehab loans and nine hon~ebuyer assistance loans have <br /> been approved and funded this fiscal year. <br /> Construction Process <br /> during this phase, staff monitors the construction wort, approves payr~ents to contractors, and <br /> tracks expenditures to ensure they do not exceed available funds. Multifamily projects often <br /> involve additional issues such a cor~pliance with prevailing wa a re uiremer~ts and~or Davis- <br /> g ~ i <br /> Bacon. As of March 31, ~a1a, and including the multifamily units, there was a total of X15 units <br /> underway. <br /> Loan Po~tfoiio ~lanaer~ent <br /> The Housing Division is responsible forensuring the integrity of the residential loan porolio. As of <br /> the end of the quarter, the principal balance was ~9,5D,. This is carp riled of 4 loans of <br /> p <br /> <br /> which ~9 are deferred or residual receipts payrr~ent loans. The loan portfolio generated 4~,~~ <br /> in repayr~ent of principal and interest far the quaker ending March 3~, ~g 0. <br /> Development P~o~eot <br /> Townsend and l~aitt <br /> The City Council and Agency have approved loons to grange Hauling Development Corporation <br /> ~CHDC} and CC Develaprnent for acquisition and rehabilitation of six apartment buildin s in the <br /> g <br /> Townsend and Raitt area. Rents are to be restricted to thane affordable to extremely low- end <br /> <br /> very Iow~income households. Four of the six buildings are now corplete, as is a community <br /> center. The rehabilitation work is underway on both of the remaining buildings. <br /> <br />