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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 App roved Durina the Third Quarter <br />Address <br />Loan Amount <br />Loan Type <br />4211 W. First Street # 143 <br />$5,000 <br />Mobile Home Hardship <br />2610 S. Towner <br />$74,828.50 <br />Homeowner Rehab <br />3313 W. Charlaine <br />$75,000 <br />Homeowner Rehab <br />3505 S. Birch <br />$63,490 <br />Homeowner Rehab <br />4117 McFadden <br />$5,000 <br />Mobile Home Hardship <br />432 S. Harbor # 143 <br />$3,300 <br />Mobile Home Hardship <br />701W. Park Place <br />$29,656 <br />Homeowner Rehab <br />1443 S. Garnsey Street <br />$68,270 <br />Homeowner Rehab <br />216 N. Bush <br />$17,694 <br />Homebu er Assistance <br />216 N. Bush <br />$25,137 <br />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 />W01 MA <br />Homeowner Rehab (12) Homebuyer Assistance (20) <br />