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Monthly Report for Housing Division <br />Projects and Activities --- April 2006 <br />June 5, 2006 <br />Page 3 <br />Loan Portfolio Management <br />The Housing Division is responsible for ensuring the integrity of the <br />residential loan portfolio. As of the end of April, the principal <br />balance was $33.77 million. This is comprised of 405 loans of which 301 <br />were deferred payment loans. Five loans were closed -out in March, while <br />30 have been paid off during the fiscal year. The loan portfolio has <br />generated $969,301 in program income from loan repayments since the <br />beginning of the fiscal year. Staff has completed an audit of all FY 04- <br />05 loan files. This included all Single Family Rehab loans completed in <br />FY 04-05. <br />Compliance Monitoring <br />Over the years, the City and Agency have received funds from various <br />State and Federal programs. These funds each have specific restrictions <br />and requirements. The Division is responsible for ensuring that the <br />projects are in compliance with these requirements, and that' the units <br />meet the City's municipal code as it relates to public health and safety <br />requirements. Monitoring includes case file review, unit inspections, <br />non-profit certifications and onsite auditing. As of the end of April, <br />the Division was responsible for monitoring 1,201 units. <br />Development Projects/Multi-Family Rehabilitation <br />Birch Street <br />On January 3, 2006, the Redevelopment Agency awarded a contract for the <br />construction of four California Bungalow style single-family homes in the <br />Historic Heninger Park Neighborhood. After working diligently with the <br />selected contractor, he was unable to obtain the necessary performance <br />bond. On April 3, 2006, staff re -opened the bid process. The bid <br />notices were mailed to 68 developers and contractors. in addition, the <br />entire bid package is available on the City's web site. The <br />advertisement will be published four times in both the Orange County <br />Register and Los Angeles Times. The bid closes on June 2, 2006. <br />McFadden Infill Site (between Maple and Orange Streets) <br />Currently staff is working with an architect to develop conceptual plans. <br />Staff will continue to work with an architect to develop more detailed <br />plans, which will be taken to the neighborhood by August. Staff <br />