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Quarterly Report for Housing Division <br />Projects and Activities (Jan-March 2013) <br />June 3, 2013 <br />Page 2 <br />Of the applications 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 be <br />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. Two homebuyer assistance loans were approved during the third quarter of the fiscal year, <br />and Table 1 provides details on these loans. <br />Table 1: Loans Annroved Durina This Quarter <br />Address Loan Amount Loan Type <br />1227 Camille Street $126,291 Homebu er Assistance <br />4809 Edinger Street $224,800 Homebu er Assistance <br />Chart 2 shows the number of loans approved <br />during the quarter fiscal year to date. <br />Construction Process <br />During this phase, homeowners receiving <br />rehabilitation loans are guided through an open <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 />license and insurance requirements. However, <br />homeowners are allowed to select any contractor <br />that meets these same requirements. Staff assists <br />the homeowners in selection of a contractor, <br />monitors the construction work, approves <br />payments to contractors, and tracks expenditures <br />to ensure they do not excE?ed available funds. At <br />the end of this quarter there were five homeowner <br />rehab projects under construction. <br />Chart2: Loans Approved During <br />Quarter & FY to Date <br />9 ! _. <br />6 <br />8 ?- <br />f FYto Date (8) <br />7 I- _ <br />6 <br />5 <br />4 <br />3 <br />FY to Date (3) <br />2 - <br />3rd Quarter (2) <br />1 - <br />o <br />Homebuyer Assistance Homeowner Rehab <br />1901-2