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Monthly Report for Housing Division <br />Projects and Activities - August 2006 <br />October 2, 2006 <br />Page 2 <br />Mobile Home Hardship Forgivable Loan Program, Federal Empowerment Zone <br />Forgivable Loan Program, CalHome Mobile Home Rehab Loan Program, and <br />CalHome Replacement Loan Program. The Housing Division reviews <br />applications to determine which program best fits the needs of the <br />applicants. Applications are mailed out and received for these programs <br />on a continuing basis. Chart 1 shows the number of applications sent out <br />by type this fiscal year. <br />Loan Underwriting and Approval Process <br />Staff reviews applicant eligibility, <br />verifies income and assets, oversees <br />underwriting, conducts an inspection <br />of the unit, and prepares a work write <br />up to determine rehabilitation work to <br />be performed. Due to the complex <br />funding requirements, applicants may <br />be in underwriting as long as several <br />months. It is largely determined by <br />the applicant to submit the necessary <br />paperwork. Once approved, staff <br />prepares all necessary loan documents, <br />makes arrangements for execution, and <br />reserves the required loan funds. <br />Chart 2 indicates the loans in the <br />underwriting process as of the end of August. <br />Chart 3 Loans Approved <br />Single Family Mobile Home <br />Rehabilitatton Replacenment <br />Chart 2 Loans in Underwriting <br />Mobile Home <br />Rehab/ <br />Replacement (15) <br />Q $0% AMI <br />Chart 3 reflects <br />®b0%AMI E of loans approved <br />p30%AMI ` by type of loan an <br />Single Family <br />Owner <br />Occupied (7) <br />the total number <br />this fiscal year <br />I income level. <br />11 <br />