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Quarterly Report - Housing Division <br />Projects and Activities <br />November 19, 2012 <br />Page 3 <br />Loan Portfolio Management and Monitoring <br />The Housing Division is responsible for ensuring the integrity of the residential loan portfolio. As <br />of the end of this quarter, the principal balance was $105,555,110. This is comprised of 495 <br />loans of which 430 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $50,983 in payments of principal and interest during the quarter: <br />Table 2: Portfolio Revenue <br />Residual Receipts Payments $ 8,558 <br />Amortized Loan Payments $42,425 <br />Total $50,983 <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 this quarter, 174 letters were sent to homeowners to <br />verify that they continue to occupy the home as their primary residence. Four homeowners have <br />been found not to be in compliance with their loan terms because they no longer live in the <br />homes, and the City has begun the process for repayment. <br />During the first quarter, staff also conducted code compliance inspections for 35 units in two <br />projects. Regulations require that only a sample be selected for inspection. Staff also inspects <br />the grounds and common areas such as laundry rooms to insure they also meet city code <br />requirements. The inspected units as well as the grounds and common areas were found to be <br />in compliance at the time of initial inspection with the exception of two units that needed minor <br />repairs, such as a loose toilet and an inoperable GFCI outlet. The owner made the necessary <br />repairs, and both of the units were found to be in compliance at the time of the subsequent re- <br />inspection. <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 <br />for which it was eligible. The first award (NSP 1) came through a noncompetitive process in the <br />amount of $5,795,155. Under its terms, all grant funds must be obligated by September 5, 2010, <br />and expended by March 26, 2013. In addition, NSP grantees must expend at least 25% of the <br />funds on households that have very low-incomes. The City has exceeded all of these <br />requirements. All of our NSP 1 grant funds were obligated by August of 2010, and by the end of <br />this quarter we had already expended more than $6.8 million or 119% of its grant amount. The <br />19E-3