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S Year-End Reportfor Housing Division Projects and Activities Aug ust 2D ~ ~ _ Page ~ best fits the needs of the applicants, Applications are mailed out and received for these programs on a continuing basis, Chart ~ shows the number of applications sent out by type during the fiscal year, Loan l~nderwritir~g and Ap~roval_P~ocess 5 In this phase, staff reviews applicant eligibility, verifies income and assets, oversees underwriting, conducts an inspection of the unit, and prepares a work write-up to deterr~ine rehabilitation work to be performed. Due to the cor~plex funding requirements, applicants may be in the underwriting phase far several months. The underwriting tine frame is largely determined by the applicants timely submittal of the required paperwork, once approved, staff prepares all necessary loan documents, rakes arrangements for execution, and reserves the required loan funds. In this fiscal year, four rnobile home rehabilitation leans, two sinle~family rehabilitation loans and fifteen homebuyer assistance loans were approved and funded, Construction Process During this phase, staff monitors the construction work, approves payments to contractors, and tracks expenditures to unsure they do not exceed available funds. >Illultifamily projects often = involve additional issues, such as compliance with prevailing wage requirements and~or Davis- - Dacon, As of June 0, 20~ o, and including the multifamily units, there were a total of 4g units underway. Loan ~or~folio lanage~nent The Housing Division is responsible for ensuring the inte rit of the residential loan ortfolio. A of gy p the end of the fiscal year, the principal balance was ~~,7~5,~90. This i comprised of 4~~ loans of vuhich arc deferred or residual receipts payment loans. The loan por~olio generated 813,~g0 in repayments of principal and interest during the fiscal year. Deve~opr~ent Pro~ec# Townsend and Raiff The City Council and Agency have approved loans to grange Housing Development Corporation ~~HDC~ and & Development for acquisition and rehabilitation of six aprtr~ent buildings in the - Townsend and Raitt area. Rents are to be restricted to those affordable to extremely low- and - very low~income households, l=ive of the six buildings are now complete, as is a cor~munity center, The rehabilitation work is underway on the remaining building and is e~cpected to be completed by the end of July, a