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Quarterly Report Housing Division <br />Projects and Activities (Apr -- Jun 2014) <br />August 5, 2014 <br />Page 3 <br />requirements, complete an eight -hour pre - purchase counseling program from a HUD - approved <br />agency, be pre - qualified for a first mortgage and have a minimum of three percent of the <br />purchase price from their own savings. Other HUD requirements apply, including a current <br />maximum sales price of $390,000 for a single family home or condo or $443,000 for a newly <br />constructed condo or home. Additionally, the property needs to be in good condition and pass an <br />inspection by staff. Staff received a significant interest in the program and is anticipating an <br />increase in the number of applications received and approved over the next few months. <br />Loan Portfolio Management & 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 $109,226,151. This is comprised of 448 <br />loans of which 418 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $380,700 in payments of principal and interest during the quarter; <br />Table 2: Portfolio Revenue <br />Monitoring <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, 63 owner occupancy recertification letters <br />were mailed; 57 were returned and processed. <br />Staff also audited files for 29 units in two projects, and conducted code compliance inspections <br />for 48 units in two projects. Regulations require that only a sample be selected for inspection. <br />Staff also inspects the grounds and common areas such as laundry rooms to ensure they also <br />meet municipal code requirements. The majority of the inspected units as well as the grounds <br />and common areas were found to be in compliance at the time of initial inspection. Some of the <br />units had minor deficiencies including loose toilets, inoperative 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 />19D-3 <br />4 Quarter <br />Total FY <br />Loan Payoffs <br />$67,376 <br />$525,168 <br />Residual Receipts Payments <br />$275,890 <br />$405,423 <br />Amortized Loan Payments <br />$37,434 <br />$184,947 <br />Total <br />$380,700.00 <br />$1,115,538 <br />Monitoring <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, 63 owner occupancy recertification letters <br />were mailed; 57 were returned and processed. <br />Staff also audited files for 29 units in two projects, and conducted code compliance inspections <br />for 48 units in two projects. Regulations require that only a sample be selected for inspection. <br />Staff also inspects the grounds and common areas such as laundry rooms to ensure they also <br />meet municipal code requirements. The majority of the inspected units as well as the grounds <br />and common areas were found to be in compliance at the time of initial inspection. Some of the <br />units had minor deficiencies including loose toilets, inoperative 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 />19D-3 <br />