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Quarterly Report for Housing Division Projects and Activities <br />November 7, 2011 <br />Page 3 <br />6 Chart 2: Loans Approved During FY <br />5 ' <br />4 <br />3 - <br />2 - <br />1 <br />0 , , <br />Homeowner Rehab Homebuyer Assistance <br />Construction Process <br />During this phase, homeowners receiving rehabilitation loans are guided through an open selection <br />of contractors to complete the work on their homes. Each homeowner is given a list of contractors <br />that have been screened by staff for insurance and bonding requirements. However, homeowners <br />are allowed to select any contractor that is licensed and meets these same requirements. Staff <br />assists the homeowners in the selection of a contractor, monitors the construction work, approves <br />payments to contractors, and tracks expenditures to ensure they do not exceed available funds. <br />Multifamily projects may involve additional issues, such as compliance with prevailing wage <br />requirements and/or Davis-Bacon. At the end of the first quarter, there were four single-family units <br />under construction. <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 first quarter, the principal balance was $77,671,797. This is comprised of 470 loans <br />of which 414 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $67,041 in payments of principal and interest during the quarter: <br />Table 2: Portfolio Revenue <br />Unscheduled Loan Payoffs $5,027 <br />Residual Receipts Payments $0 <br />Amortized Loan Payments $62,014 <br />Total $67,041 <br />19F-3