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Quarterly Housing Projects & Activities <br />September 4, 2012 <br />Page 2 <br />cost of essential repairs. Applications are mailed out and received for these programs on <br />a continuing basis. Chart 1 shows the number of applications sent out by type during the <br />quarter. Of the applications sent, three have been returned and are being processed. <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 for 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 Homeowner Rehab loans, two homebuyer assistance loans and three mobile home <br />hardship loans were approved during the third quarter of the fiscal year. Table 1 provides details <br />on these loans. <br />Table 1: Loans A roved Durin the Third Quarter <br />Address Loan Amount Loan Type <br />4211 W. First Street # 143 $5,000 Mobile Home Hardship <br />2610 S. Towner $74,828.50 Homeowner Rehab <br />3313 W. Charlaine $75,000 Homeowner Rehab <br />3505 S. Birch $63,490 Homeowner Rehab <br />4117 McFadden $5,000 Mobile Home Hardship <br />432 S. Harbor # 143 $3,300 Mobile Home Hardship <br />701W. Park Place $29,656 Homeowner Rehab <br />1443 S. Garnse Street $68,270 Homeowner Rehab <br />216 N. Bush $17,694 Homebu er Assistance <br />216 N. Bush $25,137 Homebu er Assistance <br />Chart 2 shows the number of loans approved <br />during the fiscal year to date. Chart 2: Loans Approved in FY <br />Construction Process <br />25 <br />20 <br />During this phase, homeowners receiving <br />rehabilitation loans are guided through an open 15 <br />selection of contractors to complete the work on <br />their homes. Each homeowner is given a list of 10 <br />contractors that have been screened by staff for 5 <br />insurance and bonding requirements. However, <br />homeowners are allowed to select any 0 <br />contractor that is licensed and meets these <br />same requirements. Staff assists the <br />19D-2 <br />Homeowner Rehab (12) Homebuyer Assistance (20)