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Quarterly Report for Housing Division <br />Projects and Activities (Jan-March 2013) <br />June 3, 2013 <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 of <br />the end of this quarter, the principal balance was $107,119,055. This is comprised of 496 loans of <br />which 441 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio <br />generated $179,626 in payments of principal and interest during the quarter: <br />Table 2: Portfolio Revenue <br />Residual Receipts Payments $115,012 <br />Amortized Loan Payments $64,614 <br />Total $179,626 <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 76 owner- <br />occupancy recertification letters. Six second-request letters were mailed to homeowners that were <br />non-responsive. <br />During this quarter, staff also conducted code compliance inspections for 164 units in eight <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 majority of the inspected units as well as the grounds and common areas were <br />found to be in compliance at the time of initial inspection. Some of the units had minor <br />deficiencies including peeling paint, loose toilets, inoperable burners, faulty GFCI outlets, <br />inoperative smoke alarms and carbon monoxide detectors. All of the deficiencies were repaired <br />and the units were found to be in compliance at the time of the subsequent re-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 for <br />which it was eligible. The first award (NSP 1) came through a noncompetitive process in the <br />amount of $5,795,155. Under its term requirements, all grant funds needed to be obligated by <br />September 5, 2010, and expended by March 26, 2013. In addition, NSP grantees must expend at <br />least 25% of the funds on households that have very low-incomes. The City has exceeded all of <br />these requirements. All of the NSP 1 grant funds were obligated by August of 2010, and by the <br />end of this quarter we had already expended more than $6.8 million or 119% of its grant amount. <br />The amount spent is greater than the grant amount because it includes program income. The <br />City has spent $2.4 million, or 34% of all its NSP 1 funds, on projects that serve very low-income <br />households exclusively. During this quarter, Santa Ana WBBB L.P. completed the construction of <br />1901-3