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Report for Housing Di~rision <br />Projects and Activities <br />duly 7, 2008 <br />Page 2 <br />~`he loans offered include f first t~.me hor~ebuyer assistance {American <br />Dream Down-payment Assistance, "ADDI"~, rehab loans for owner occupied <br />historic single family, single family and mobile homes . Thorn are four <br />different mobile Dome programs : N~obile Home ~ardsh~.p Forg~.vable Loan <br />Program., Federal Empowerment done Forgivable Loan Program, ~al~o~ne <br />1~obile dome Rehab Loan Program, and CalHome Replacement Loan Program. <br />The dousing Divis~.on reviews applications to determine which program <br />best fits the needs of the applicants, Applications are mailed out and <br />received for these programs on a cantinuig ba~.s. chart 1 shows the <br />number of applicat~.ons sent out by type this f~,scal year . <br />Loan [~nderwritir~g and Approval Process <br />~n this process, staff reviews applicant eligibility, verifies ~.r~come <br />and assets, oversees underwriting, conducts an inspect~.on of the unit, <br />and prepares a wor]~ write up to determine rehabilitation work to e <br />performed. Due to the complex funding requirements, applica.ts may be <br />in underwriting as long as several months . ~t i largely deter~.ned by <br />the applicant's ub~.ittal~ of the necessary paperwork. once approved, <br />-.;...staff prepares all necessary loan documents, makes arrangements for <br />execution, and reserves the required loan funds. A total of six single <br />family loans and eight mobile home rehab loans have been approved in the <br />fiscal gear to date. <br />Ghat ~ Loans ~Ippr~ved <br />a <br />chart ~ reflects the <br />total number of loans <br />approved this fiscal dear <br />by type of loan and <br />©~~°rAMi income level. Fourteen <br />~~°°~°'l ~.oan have been funded <br />~ during the fiscal year <br /> <br />~ngl~ Family Moi~ile Home Mobiie Home Home~uye~ <br />Rel'7a~ilitati~r~ Re~laceme~t Rel~a~ilitation Prag~am <br />