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Affordable Housing <br />Monthly Report <br />March 6, 2006 <br />Page 2 <br />Program, Federal Empowerment Zone Forgivable Loan Program, CalHome Mobile <br />Home Rehab Loan Program, and CalHome Replacement Loan Program. The <br />Housing Division reviews applications to determine which program best <br />fits the needs of the applicants. Applications are mailed out and <br />received for these programs on a continuing basis. Chart 1 shows the <br />number of applications sent out by type this fiscal year. <br />Loan Approval Process <br />Staff reviews applicant <br />eligibility, verifies income and <br />assets, oversees underwriting, <br />conducts an inspection of the <br />unit, and prepares a work write <br />up to determine rehabilitation <br />work to be performed. Once <br />approved, staff prepares all <br />necessary loan documents, makes <br />arrangements for execution, and <br />reserves the required loan funds. <br />Chart 2 shows the number approved <br />during this fiscal year by <br />program type. This represents a <br />total amount of $8,516,434 for <br />projects. <br />Construction Process <br />During this phase, staff <br />monitors the construction work, <br />approves payments to <br />146 <br />contractors, and tracks <br />expenditures to ensure they do <br />144 <br />not exceed available funds. <br />142 <br />Multifamily projects often <br />involve additional issues such <br />144 <br />as compliance with prevailing <br />138 <br />wage requirements and/or Davis- <br />136 <br />Bacon. Chart 3 shows the <br />number of projects underway <br />134 <br />during each month of the fiscal <br />132 <br />year. <br />Chart 2 - Units Approved <br />MR MH Rehab 10 <br />Multi -Family <br />Rehab 75 <br />Chart 3 - Units Underway <br />July August Sept. <br />Owner <br />Occupied <br />Single Family <br />Rehab 1 <br />Oct. Nov. Dec. Jan. <br />3 <br />