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Monthly Report For Housing <br />Division Projects and <br />Activities - October 2006 <br />December 4, 2006 <br />Page 2 <br />There are four different mobile home programs: Mobile Home Hardship <br />Forgivable Loan Program, Federal Empowerment Zone Forgivable Loan <br />Program, CalHome Mobile Home Rehab Loan Program, and CalHome Replacement <br />Loan Program. The Housing Division reviews applications to determine <br />which program best fits the needs of the applicants. Applications are <br />mailed out and received for these programs on a continuing basis. Chart <br />1 shows the number of applications sent out 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 of <br />the unit, and prepares a work write up to <br />determine rehabilitation work to be <br />performed. Due to the complex funding <br />requirements, applicants may be in <br />underwriting as long as several months. It <br />is largely determined by the applicant to <br />submit the necessary paperwork. Once <br />approved, staff prepares all necessary <br />loan documents, makes arrangements for <br />execution, and reserves the required loan <br />funds. Chart 2 indicates the loans in the <br />underwriting process as of October. <br />Chart 3 Loans Approved <br />Single Family Mobile Home Mobile Home Homebuyer <br />Rehabilitation Replacenment Rehabilitation Program <br />Chart 2 Loans in Underwriting <br />igle Family 8 <br />Chart 3 reflects the total <br />number of loans approved this <br />fiscal year by type of loan and <br />080%AMI income level. The City funded a <br />Z50 -A AMI mortgage assistance loan in <br />ia330%AMI October using federal American <br />Dream Down -payment Assistance <br />(ADDI) program funds. <br />0 <br />