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Affordable Housing .Monthly Report March 6, 2006 Page 3 Loan Portfolio Management The Housing Division is responsible for ensuring the integrity of the residential loan portfolio. As of the end of January, the principal balance was $34.3 million. This is comprised of 399 loans of which 292 were deferred payment loans. Two loans were paid off in January, while 23 have been paid off during the fiscal year. The loan portfolio has generated $798,000 in program income from loan repayments since the beginning of the fiscal year. Compliance Monitoring Over the years, the City and Agency have received funds from various State and Federal programs. These funds each have specific restrictions and requirements. The Division is responsible for ensuring that the projects are in compliance with these requirements, and that the units meet the City's municipal code as it relates to public health and safety requirements. Monitoring includes case file review, unit inspections, non-profit certifications and onsite auditing. As of the end of January, the Division was responsible for monitoring 1,197 units. Development Projects Birch Street The development of four California Bungalow style single-family homes is underway in the Historic Heninger Park Neighborhood. Currently staff is finalizing the construction contract and performance bonding documents. Construction is expected to commence at 435 and 437 S. Birch Street in March 2006 and with completion anticipated for the fall of 2006. Marketing will begin in March and continue through June when a lottery will be conducted for the sale of the homes to moderate -income households. The construction of the homes at 217 and 219 S. Birch Street is expected to commence in September 2006 and will be available in mid - 2007 at which time a second lottery will be held. McFadden Infill Site (between Maple and Orange Streets) The McFadden infill site consists of a 1.3 acre site. Currently staff is working with an architect to develop conceptual plans, which will be taken to the neighborhood by May. Staff anticipates distributing a Request for Qualifications to select a developer by August.