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Qua~`torly Report <br />Division Pra~ects <br />~Iovomb~' 17, ~~OS <br />Page ~ <br />far Hauling <br />end ~ctivitios <br />Chart ~ App~ica~~ons end <br />FirtTime <br />Homeb~yer G~ <br />Mobile Horne <br />~7 <br />~i~g to Family <br />Rehab 2~ <br />loan Underwriting and approval process <br />Division `views applications <br />to determine which program <br />best fits the needs of the <br />applicants, applications are <br />mailed out ar~d rece~.ved far <br />these programs on a continuing <br />basis. hart 1 shows the <br />number of applications sent <br />out by type during t1~is first <br />quarter of the fa~scal year. <br />In this process, staff reviews applio~nt eligibility, ve~'ifies income and <br />assets, oversees underwriting, conducts an inspection of the un~.t, and <br />prepares a work write up to determine rehabil~.tation work to be <br />performed, Due to the complex funding requirements, applicants ray ~ in <br />underwriting far se~reral months . ~t is largely detern~i.ned by tho <br />applicant' timely submittal of the necessary paperwork. ~noe approved, <br />staff prepares all necessary loan documents, makes arrangements far <br />execution, and reserves the required loan funds. one single family rehab <br />.Dan, one mobile hone rehab loan and one mobile home replacement loan <br />were approved during the quarter ending September a, X008. <br />construction Process <br />Durzng this phase, staff monitors the construction work, approves <br />payments to contractors, and tracks expenditures to ensure they do not <br />exceed available funds. N~ultifamily pro~~Ots often involve additional <br />issues such a compliance w~.th prevailing gage requirements and./ar Da~ris^ <br />Baran. ~s of the septer~ber 0, ~~~ there were a total of ~~ units <br />underway. <br />L~~.n ~'~~tfolio N~anagernent <br />The Housing Division is responsible for ensuring the integrity of the <br />residential loan portfol~.o. As of the end of the fiscal dear, the <br />princ~.pa~. balance was 9, 7 7 9, 7 5 . This i cor~p~a~sed of ~ 9 lams of <br />which X77 were deferred or residual receipts payment loans. The loan <br />portfolio generated $95,817 in repa~ents of principal and interest <br />du~~.ng this first quarter of the fiscal year . <br /> <br />