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Monthly Report for Housing <br />Division Projects and Activities <br />April 3, 2006 <br />Page 2 <br />Federal Empowerment Zone Forgivable Loan Program, CalHome Mobile Home <br />Rehab Loan Program, and CalHome Replacement Loan Program. The Housing <br />Division reviews applications to determine which program best fits the <br />needs of the applicants. Applications are mailed out and received for <br />these programs on a continuing basis. Chart 1 shows the number of <br />applications sent out by type this fiscal year. <br />Loan Approval Process <br />Staff reviews applicant eligibility, <br />verifies income and assets, oversees <br />underwriting, conducts an inspection of <br />the unit, and prepares a work write up to <br />determine rehabilitation work to be <br />performed. Once approved, staff prepares <br />all necessary loan documents, makes <br />arrangements for execution, and reserves <br />the required loan funds. Chart 2 shows <br />the number approved during this fiscal <br />year by program type. This represents a <br />total amount of $8,521,434 for projects. <br />Construction Process <br />During this phase, staff monitors the <br />construction work, approves payments r55 <br />to contractors, and tracks rya <br />expenditures to ensure they do not 145 <br />exceed available funds. Multifamily 140 <br />projects often involve additional <br />issues such as compliance with 135 <br />prevailing wage requirements and/or 130 <br />Davis -Bacon. Chart 3 shows the 125 <br />number of projects underway during <br />each month of the fiscal year. <br />Loan Portfolio Management <br />MF Rehab <br />75 <br />Chart 2 Units Approved <br />MH <br />Chart 3 -Units Underway <br />ler <br />d1 <br />July August Sept. Oct. Nov. Dec. Jan. Feb. <br />The Housing Division is responsible for ensuring the integrity of the <br />residential loan portfolio. As of the end of February, the principal <br />balance was $34.3 million. This is comprised of 405 loans of which 299 <br />were deferred payment loans. One loan was paid off in February, while 24 <br />4 <br />