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Monthly Report for Housing Division <br />Projects and Activities - March 2006 <br />May 1, 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 9F Rehab 75 <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 155 <br />to contractors, and tracks ISO <br />expenditures to ensure they do not Tay <br />exceed available funds. Multifamily <br />projects often involve additional i40 <br />issues such as compliance with 135 <br />prevailing wage requirements and/or Iso <br />Davis -Bacon. Chart 3 shows the 175 <br />number of projects underway during <br />each month of the fiscal year. <br />Loan Portfolio Management <br />Chart 2 Units Approved <br />MH <br />Chart 3 - Units Underway <br />I <br />The Housing Division is responsible for ensuring the integrity of the <br />residential loan portfolio. As of the end of March, the principal <br />balance was $34.15 million. This is comprised of 406 loans of which 301 <br />were deferred payment loans. Two loans were paid off in March, while 26 <br />