19C - QRTLY RPT FOR HOUSING - Laserfiche WebLink

Home Browse Search

Quarterly Report Housing Division Projects and Activities (Jan — Mar 2014) June 3, 2014 Page 3 Loan Portfolio Management & 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 $109,316,176. This is comprised of 466 loans of which 432 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $113,311 in payments of principal and interest during the quarter: Table 2: Portfolio Revenue Monitoring 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, 71 owner occupancy recertification letters were mailed; 65 were returned and processed. Staff also audited files for 30 units in one project, and conducted code compliance inspections for 111 units in eight projects. Regulations require that only a sample be selected for inspection. Staff also inspects the grounds and common areas such as laundry rooms to ensure they also meet municipal code requirements. The majority of the inspected units as well as the grounds and common areas were found to be in compliance at the time of initial inspection. Some of the units had minor deficiencies including loose toilets, inoperative burners, faulty GFCI outlets, inoperative smoke alarms, and carbon monoxide detectors. All of the deficiencies were repaired and the units were found to be in compliance at the time of the subsequent re- inspection. Subordinations Staff received and evaluated three requests for subordination. Two were approved and one was denied because the applicant did not qualify. Subordination requests are reviewed for conformance with city policy and granted to homeowners that were refinancing their existing first mortgage to a more favorable interest rate. Per the subordination policy, no cash is allowed to be taken. 19C -3 Third Quarter FYTD Loan Payoffs $50,532 $457,792 Residual Receipts Payments $13,350 $129,533 Amortized Loan Payments $49,429 $147,513 Total $113,311 $734,838 Monitoring 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, 71 owner occupancy recertification letters were mailed; 65 were returned and processed. Staff also audited files for 30 units in one project, and conducted code compliance inspections for 111 units in eight projects. Regulations require that only a sample be selected for inspection. Staff also inspects the grounds and common areas such as laundry rooms to ensure they also meet municipal code requirements. The majority of the inspected units as well as the grounds and common areas were found to be in compliance at the time of initial inspection. Some of the units had minor deficiencies including loose toilets, inoperative burners, faulty GFCI outlets, inoperative smoke alarms, and carbon monoxide detectors. All of the deficiencies were repaired and the units were found to be in compliance at the time of the subsequent re- inspection. Subordinations Staff received and evaluated three requests for subordination. Two were approved and one was denied because the applicant did not qualify. Subordination requests are reviewed for conformance with city policy and granted to homeowners that were refinancing their existing first mortgage to a more favorable interest rate. Per the subordination policy, no cash is allowed to be taken. 19C -3