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Quarterly Report for Housing Division Projects and Activities: <br />October 2011 — December 2011 <br />March 5, 2012 <br />Page 3 <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 second quarter, there were four multifamily <br />projects with 51 units under construction and five homeowner rehab projects 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 second quarter, the principal balance was $83,873,724. This is comprised of 477 <br />loans of which 417 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $70,721 in payments of principal and interest during the quarter: <br />Table 2: Portfolio Revenue <br />Unscheduled Loan Payoffs <br />$28,085 <br />Amortized Loan Payments <br />$42,636 <br />Total <br />$70,721 <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 year to date 160 letters have been sent to <br />homeowners to verify that they continue to occupy the home as their primary residence. Four <br />homeowners have been found not to be in compliance with their loan terms because they no <br />longer live in the homes the City assisted, and the City has begun the process to get repayment. <br />During the second quarter, staff also conducted code compliance inspections for 39 units in nine <br />projects. Regulations require that only a sample be selected for inspection. Staff also inspects the <br />grounds and common areas such as laundry rooms to ensure they also meet City code <br />requirements. All of the inspected units, as well as the grounds and common areas, were found to <br />be in compliance. All of the units passed at the time of inspection, and no follow -up visits were <br />required. <br />Development Projects <br />NSP 1 Program <br />The federal Neighborhood Stabilization Program (NSP) is intended to target and stabilize <br />communities hardest hit with foreclosures. To date, the City has received all three NSP awards for <br />i Lei 051 <br />