19C - QUARTERLY RPT FOR HOUSING DIV

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Quarterly Report for Housing Division Projects and Activities June 20, 2011 Paqe 2 Chart 1 shows the number of applications sent out by type through the third quarter of the fiscal year. Of the applications sent, eleven have been returned. As of the end of the third quarter, five were denied or dropped out due to title or equity issues. Six are in process. Single Family Rehab 7 Chart 1: LoanAppications Mailed Iomebuy er ssistarxe , 52 Loan Underwriting and Approval Process Mobile H om e, 19 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 Chart 2: Loans A time in underwriting is largely determined by Approved the applicant's timely submittal of the a necessary paperwork. Once approved, staff 6 prepares all necessary loan documents, 4 makes arrangements for execution, and 2 reserves the required loan funds. Chart 2 ° shows the number of loans approved during Homeowner Homebuyer New the third quarter of the fiscal year. Table 1 Rehab Assistance Construction provides information on these loans. Sale Table 1- I nnns AnnrnvPri nl lrinn tha Thirri Or inrtcr Address Loan Amount Loan Type 1345 Cabrillo Park Drive #F09 $10,000 Homebu er Assistance 2234 Kilson Drive $35,091 Homeowner Rehab 1345 Cabrillo Park Drive #R04 $42,200 Homebu er Assistance 1046 Cabrillo Park Drive #A $10,000 Homebu er Assistance 1919 Sher Lane #15 $11,160 Homebu er Assistance 1118 Orange St. $228,000 New Construction Sale 1112 Orange St. $225,000 New Construction Sale 1527 S. Ross St. $10,000 Homebu er Assistance 1345 Cabrillo Park Drive #K05 $10,000 Homebu er Assistance 19C-2