Laserfiche WebLink
Quarterly Report for Housing Division Projects and Activities <br />September 6, 2011 <br />Page 2 <br />Single Family <br />Rehah <br />118 <br />Chart 1 shows the number of <br />applications sent out by type during the <br />fiscal year. Of the applications sent, <br />fifteen have been returned. As of the end <br />of the fiscal year, ten were denied or <br />dropped out due to title or equity issues. <br />Five are in process. <br />Loan Underwriting and Approval Process <br />Chart 1: Loan Applications Mailed <br />Mobile <br />Home, 22 <br />omebuyer <br />ssistance, <br />77 <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 length of time in underwriting is largely determined by the <br />applicant's timely submittal of the necessary paperwork. Once approved, staff prepares all <br />necessary loan documents, makes arrangements for execution, and reserves the required loan <br />funds. Ten homebuyer assistance loans were approved during the fourth quarter, and Table 1 <br />provides details on those loans. <br />Table 1: Loans Ar)Droved Durina the Fourth Ounrter <br />Address <br />Loan Amount <br />Loan Type <br />214 Bush Street <br />$10,000 <br />Homebu er Assistance <br />1802 Westwood Avenue <br />$35,640 <br />Homebuyer Assistance <br />1001 W. Stevens Avenue, #140 <br />$10,000 <br />Homebuyer Assistance <br />329 E. Camile Street <br />$10,000 <br />Homebuyer Assistance <br />1422 S. Maple Street <br />$10,000 <br />Homebuyer Assistance <br />1201 W. Sixth Street <br />$10,000 <br />Homebuyer Assistance <br />1231 S. Baker Street <br />$10,000 <br />Homebuyer Assistance <br />1520 W. Sixth Street <br />$10,000 <br />Homebuyer Assistance <br />503 S. Gamsey Street <br />$10,000 <br />Homebuyer Assistance <br />1510 W. Twelfth Street <br />$10,000 <br />Homebuyer Assistance <br />Chart 2 below shows the number of loans approved during the fiscal year. <br />Construction Process <br />Chart 2: Loans Approved <br />30 <br />During this phase, homeowners receiving 20 <br />rehabilitation loans are guided through an 10 <br />5 3 2 <br />0 <br />Homeowner Homebuyer New <br />19E -2 Rehab Assistance Construction <br />Sale <br />