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