Laserfiche WebLink
Quarterly Report for Housing Division <br />Projects and Programs <br />August 5, 2013 <br />Page 2 <br />Chart 1 shows the number of applications sent out by type for the fourth quarter. Of the <br />applications sent, three have been returned and are being processed. <br />Loan Underwritinq 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. There were no loans approved during this quarter; however there are seven rehabilitation <br />applications and 2 homebuyer applications in underwriting process for eligibility. <br />Construction Process <br />During this phase, homeowners receiving rehabilitation loans are guided through an open <br />selection of contractors to complete the work on their homes. Each homeowner is given a list of <br />contractors that have been screened by staff for license and insurance requirements. However, <br />homeowners are allowed to select any contractor that meets these same requirements. Staff <br />assists the homeowners in selection of a contractor, monitors the construction work, approves <br />payments to contractors, and tracks expenditures to ensure they do not exceed available funds. <br />At the end of this quarter there were two homeowner rehab projects out to bid and two under <br />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 $107,207,478. This is comprised of 490 <br />loans of which 440 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $685,478 in payments of principal and interest during the quarter: <br />Table 2: Portfolio Revenue <br /> 4th Quarter FY 12-13 <br />Loan Payoffs $253,012 $293,441 <br />Residual Receipts Payments $389,110 $649,434 <br />Amortized Loan Payments $43,356 $164,698 <br />Total $685,478 1,107,573 <br />19G-2