19C - QRTLY RPT HOUSING PROJECTS

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Quarterly Report Housing Division Projects March 4, 2013 Page 3 payments to contractors, and tracks expenditures to ensure they do not exceed available funds. At the end of this quarter there were six homeowner rehab projects under construction. Loan Portfolio Management and Monitoring The Housing Division is responsible for ensuring the integrity of the residential loan portfolio. As of the end of this quarter, the principal balance was $107,121,888. This is comprised of 500 loans of which 443 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $204,149 in payments of principal and interest during the quarter: Table 2: Portfolio Revenue Residual Receipts Payments $147,919 Amortized Loan Payments $56,230 Total $204,149 As part of the requirements for these funds, staff must monitor the owner-occupancy for single family homes that have received loans, and the code compliance of units in rental projects with long-term affordability covenants. During this quarter, staff received and processed 154 owner- occupancy recertification letters. Sixteen second request letters were mailed to homeowners that were non-responsive in the previous quarter. During this fiscal year to date, staff also conducted code compliance inspections for 43 units in three projects. Regulations require that only a sample be selected for inspection. Staff also inspects the grounds and common areas such as laundry rooms to insure they also meet City code requirements. The inspected units as well as the grounds and common areas were found to be in compliance at the time of initial inspection except for three units that needed minor repairs, a loose toilet, an inoperable smoke alarm and faulty GFCI outlet. All of the necessary repairs were made and the units were found to be in compliance at the time of the subsequent re- inspection. Development Projects NSP 1 Program The federal Neighborhood Stabilization Program (NSP) is intended to target and stabilize communities hardest hit with foreclosures. To date, the City has received all three NSP awards for which it was eligible. The first award (NSP 1) came through a noncompetitive process in the amount of $5,795,155. Under its terms, all grant funds must be obligated by September 5, 2010, and expended by March 26, 2013. In addition, NSP grantees must expend at least 25% of the funds on households that have very low-incomes. The City has exceeded all of these requirements. All of our NSP 1 grant funds were obligated by August of 2010, and by the end of this quarter had already expended more than $6.8 million or 119% of its grant amount. The 19C-3