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Quarterly Report - Housing Division <br />Projects and Activities <br />November 19, 2012 <br />Page 2 <br />Chart 1 shows the number of applications sent out by type during the quarter. Of the applications <br />sent, two 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 <br />be in underwriting for several months. The length of time in underwriting is largely determined by <br />the 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 <br />during the first quarter of the fiscal year, and Table 1 provides details on these loans. <br />Table 1: Loans ADOroved Durina the This Quarter <br />Address Loan Amount Loan Type <br />717 E. Third Street $172,600 Homebu er Assistance <br />2314 W. Mark Street $75,000 Homeowner Rehabilitation <br />2214 S. Cedar Street $50,483 Homeowner Rehabilitation <br />Chart 2 shows the number of loans approved Chart 2. Loans Approved In FY <br />during the fiscal year to date. 3 <br />Construction Process 2 <br />Z <br />During this phase, homeowners receiving <br />rehabilitation loans are guided through an open 1 <br />selection of contractors to complete the work on <br />their homes. Each homeowner is given a list of <br />contractors that have been screened by staff for <br />insurance and bonding requirements. However, ° <br />homeowners are allowed to select any Homeowner Rehab Home buyer Assistance <br />contractor that is licensed and meets these <br />same requirements. Staff assists the homeowners in selection of a contractor, monitors the <br />construction work, approves payments to contractors, and tracks expenditures to ensure they do <br />not exceed available funds. At the end of this quarter there were seven homeowner rehab <br />projects under construction. <br />19E-2