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Quarterly Report for Housing Division Projects and Activities <br />November 7, 2011 <br />Page 2 <br />Chart 1 shows the number of <br />applications sent out by type during Single Family <br />the quarter. Of the applications sent, Rehab <br />two have been returned. As of the 26 <br />end of the quarter, one was denied <br />due to program requirements. One is <br />in process. <br />Homebuyer <br />Assistance, <br />17 <br />Mobile <br />Home, 8 <br />Loan Underwriting and Approval Process <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. Five homebuyer assistance loans and one homeowner rehabilitation loan were approved <br />during the first quarter of the fiscal year, and Table 1 provides details on these loans. <br />Table 1: Loans Approved Durinq the First Quarter <br />Address Loan Amount Loan Type <br />1230 Garnse St $10,000 Homebu er Assistance <br />2201 Parton St $10,000 Homebu er Assistance <br />2075 Van Ness Ave $10,000 Homebu er Assistance <br />1001 MacArthur Blvd, #14 $10,000 Homebu er Assistance <br />2142 Park Dr $10,000 Homebu er Assistance <br />1517 McFadden Ave $15,000 Homeowner Rehabilitation <br />Chart 2 below shows the number of loans approved during the fiscal year. <br />Chart 1: Loan Applications Mailed <br />19F-2