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Quarterly Report for Housing Division <br />Projects and Activities <br />March 7, 2011 <br />Page 2 <br />Chart 1 shows the number of applications <br />sent out by type during the second quarter of <br />the fiscal year. Of these applications sent, <br />one application was received this quarter but <br />denied due to insufficient equity in the home <br />to qualify under the program guidelines. <br />Loan Underwriting and Approval Process <br />Chart 1: Loan Applications <br />Homebuyer <br />Adk Assistance, <br />21 <br />Single <br />Family <br />Rehab <br />34 <br />Mobile <br />Home, 4 <br />In this process, staff reviews applicant eligibility, verifies income and assets, and oversees <br />underwriting to determine eligibility per program guidelines. In addition, staff conducts an <br />inspection of the unit, prepares a work write up to determine rehabilitation work to be performed, <br />and develops a budget for the work. Due to the complex funding requirements, applicants may be <br />in underwriting several months. The <br />length of time in underwriting is largely Chart 2: Loans Approved <br />determined by the applicant's timely <br />submittal of the necessary paperwork. 10 <br />Once approved, staff prepares all 8 <br />necessary loan documents, makes 6 <br />arrangements for execution, and <br />reserves the required loan funds. The 4 <br />following information is on the loans 2 <br />made this quarter <br />Chart 2 shows the <br />. 0 <br />number of loans approved during the <br /> <br />second quarter of the fiscal year. Single Family Rehab Home buyer Assistance <br />Address Loan Amount Loan Type <br />333 E Berkeley St $10,000 Homebu er Assistance <br />1020 N Flower St $10,000 Homebu er Assistance <br />1422 S Shelton St $18,000 Homebu er Assistance <br />1422 S Shelton St $17,000 Homebu er Assistance <br />1090 Cabrillo Park Dr $10,500 Homebu er Assistance <br />1090 Cabrillo Park Dr $15,900 Homebu er Assistance <br />1241 W Camden PI $10,000 Homebu er Assistance <br />2607 W Northwood Ave $12,300 Homebu er Assistance <br />601 E 20 St $75,000 Single Family Rehabilitation <br />601 E 20 St $60,000 Single Family Rehabilitation <br />1921 N Sher Ln #102 $25,900 Homebu er Assistance <br />19D-2