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19C - QRTLY RPT HOUSING PROJECTS
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03/04/2013
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19C - QRTLY RPT HOUSING PROJECTS
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Last modified
3/4/2013 12:24:06 PM
Creation date
2/28/2013 4:09:00 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
19C
Date
3/4/2013
Destruction Year
2018
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Quarterly Report Housing Division Projects <br />March 4, 2013 <br />Page 3 <br />payments to contractors, and tracks expenditures to ensure they do not exceed available funds. <br />At the end of this quarter there were six homeowner rehab projects under construction. <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 $107,121,888. This is comprised of 500 <br />loans of which 443 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $204,149 in payments of principal and interest during the quarter: <br />Table 2: Portfolio Revenue <br />Residual Receipts Payments $147,919 <br />Amortized Loan Payments $56,230 <br />Total $204,149 <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, staff received and processed 154 owner- <br />occupancy recertification letters. Sixteen second request letters were mailed to homeowners that <br />were non-responsive in the previous quarter. <br />During this fiscal year to date, staff also conducted code compliance inspections for 43 units in <br />three projects. Regulations require that only a sample be selected for inspection. Staff also <br />inspects the grounds and common areas such as laundry rooms to insure they also meet City <br />code requirements. The inspected units as well as the grounds and common areas were found <br />to be in compliance at the time of initial inspection except for three units that needed minor <br />repairs, a loose toilet, an inoperable smoke alarm and faulty GFCI outlet. All of the necessary <br />repairs were made and 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 had already expended more than $6.8 million or 119% of its grant amount. The <br />19C-3
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