Laserfiche WebLink
Quarterly Report Housing Division Projects <br />March 4, 2013 <br />Page 2 <br />out by type during the quarter. Of the applications sent, two have been returned and are <br />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 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. Three homebuyer assistance loans, two owner occupied rehab loans, and one mobile <br />home hardship loan were approved during the second quarter of the fiscal year, and Table 1 <br />provides details on these loans. <br />Table 1: Loans Anoroved Durina This quarter <br />Address Loan Amount Loan Type <br />2032 S. Artesia Street $10,000 Homebuyer Assistance <br />2537 Camden Place $10,000 Homebu er Assistance <br />1904 Wood Street $10,000 Homebuyer Assistance <br />2214 Cedar Street $50,482 Owner Occupied Rehab <br />2314 Mark Street $34,440 Owner Occupied Rehab <br />4211 W. First Street, #159 $ 4,850 Mobile Home Hardship <br />Chart 2 shows the number of loans <br />approved during the fiscal year to date. Chart 2. Loans Approved In FY <br />Construction Process <br />7 <br />6 <br />During this phase, homeowners receiving <br />rehabilitation loans are guided through an 5 <br />open selection of contractors to complete 4 <br />the work on their homes. Each <br />homeowner is given a list of contractors 3 <br />that have been screened by staff for <br />license and insurance requirements. 2 <br />However, homeowners are allowed to <br />select any contractor that meets these 1 <br />same requirements. Staff assists the <br />homeowners in selection of a contractor, ° <br />monitors the construction work, approves <br />19C-2 <br />Homeowner Rehab Homebuyer Assistance