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<br /> <br /> <br /> <br /> <br /> Quarterly Report for Housing Division Projects and Activities <br /> June 4, 2012 <br /> Page 2 <br /> <br /> Loan Underwriting and Approval Process <br /> <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. One homebuyer assistance loan and one mobile home hardship loan were approved during <br /> the third quarter of the fiscal year, and Table 1 provides details on these loans. <br /> <br /> Table 1: Loans Approved During the Third Quarter <br /> Address Loan Amount Loan Type <br /> 701 Park Place $20,160 Homebu er Assistance <br /> 4211 W. First Street $5,000 Homeowner Rehab <br /> <br /> <br /> Chart 2 shows the number of loans approved Chart 2. Loans Approved In FY <br /> during the fiscal year to date. 10 <br /> 9 <br /> 8 - <br /> Construction Process 7fi - <br /> 6 - <br /> During this phase, homeowners receiving 5 - <br /> rehabilitation loans are guided through an open 4 - <br /> selection of contractors to complete the work on 3 <br /> their homes. Each homeowner is given a list of 2 <br /> contractors that have been screened by staff for 1 <br /> insurance and bonding requirements. However, ° <br /> homeowners are allowed to select any contractor Homeowner Rehab Homebuyer Assistance <br /> 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 third quarter there were <br /> seven new construction projects which have 206 units and five homeowner rehab projects under <br /> construction. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 19D-2 <br />