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Quarterly Report for Housing Division Projects and Activities <br />September 6, 2011 <br />Page 3 <br />open selection of contractors to complete the work on their homes. Each homeowner is given a <br />list of contractors that have been screened by staff for insurance and bonding requirements. <br />However, homeowners are allowed to select any contractor that is licensed and meets these same <br />requirements. Staff assists the homeowners in selection of a contractor, monitors the construction <br />work, approves payments to contractors, and tracks expenditures to ensure they do not exceed <br />available funds. Multifamily projects may involve additional issues such as compliance with <br />prevailing wage requirements and /or Davis - Bacon. At the end of the fiscal year, there were 34 <br />multifamily units and two single family units for a total of 36 units underway. <br />Loan Portfolio Management and Monitoring <br />The Housing Division is responsible for ensuring the integrity of the residential loan portfolio. As of <br />the end of the fourth quarter, the principal balance was $80,172,016. This is comprised of 308 <br />loans of which 275 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $573,205 in payments of principal and interest during the fiscal year: <br />Table 2: Portfolio RPvPnua <br />Loan Payoffs <br />$223,516 <br />Residual Receipts Payments <br />$154,965 <br />Amortized Loan Payments <br />$194,724 <br />Total <br />$573,205 <br />As part of the requirements for these funds, staff must monitor the owner - occupancy for single <br />family homes that have received loans, and the code compliance of units in rental projects with <br />long -term affordability covenants. During the fourth quarter seventeen letters were sent to <br />homeowners to verify that they continue to occupy the home as their primary residence. A total of <br />127 such letters were sent during the entire fiscal year. Nearly all homeowners have responded, <br />and are in compliance. The remaining few have been sent or will receive a follow -up letter. <br />During the fourth quarter staff also conducted code compliance inspections for a sample of 93 <br />units in fifteen projects that contain a total of 274 units. A total of 30 projects containing 541 units <br />were inspected during the fiscal year. Regulations require that only a sample be selected for <br />inspection. Staff also inspects the grounds and common areas such as laundry rooms to insure <br />they also meet City code requirements. All the inspected units as well as the grounds and <br />common areas were found to be in compliance. All but seven units passed at the time of <br />inspection. The seven units required minor repairs and a follow -up visit by staff. <br />19E -3 <br />