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Quarterly Report for Housing Division Projects and Activities: <br />October 2011 — December 2011 <br />March 5, 2012 <br />Page 2 <br />and received for these programs on a continuing basis. Chart 1 shows the number of applications <br />sent out by type during the quarter. Of the applications sent, none have been returned. <br />Loan Underwritinq 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. Three homebuyer assistance loans and two homeowner rehabilitation loans were approved <br />during the second quarter of the fiscal year, and Table 1 provides details on these loans. <br />Table 1: Loans Approved During the Second Quarter <br />Address <br />Loan Amount <br />Loan Type <br />1319 Seventh Street <br />$10,000 <br />Homebu er Assistance <br />1634 Twelfth Street <br />$10,000 <br />Homebu er Assistance <br />2519 Jacaranda St. <br />$16,649 <br />Homeowner Rehab <br />432 Harbor Blvd., Sp 154 <br />$5,000 <br />Homeowner Rehab <br />701 Park PI. <br />$20,160 <br />Homebu er Assistance <br />Chart 2 shows the number of loans approved <br />during the fiscal year to date. <br />4 <br />M <br />Construction Process <br />Chart 2. Loans Approved In FY <br />Homeowner Rehab Home buyer Assistance <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 />W01 MA <br />