19C - QRTLY RPT HOUSING PROJECTS

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Quarterly Report Housing Division Projects and Activities (Oct — Dec 2014) Page 3 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, 36 owner occupancy recertification letters were mailed; 20 were returned and processed, Staff also audited files for 96 units in 40 projects, and conducted code compliance inspections for 42 units in 8 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 observable 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. Development Projects NSP 1, 2 and 3 Programs The City's intermediaries, ANR Industries, Orange Housing Development Corporation, and C &C Development, continue to look for eligible properties. The acquisition of a single - family home located at 1235 S. Cypress closed escrow In August 2014 and rehabilitation is underway. Multi - Family Acquisition / Rehabilitation Projects 940 Minnie, LP completed the acquisition of a multi - family property located at 940 S. Minnie Street. The developer is currently in the process of relocating their tenants and is out to bid. Rehabilitation is expected to commence in March of 2015. Once the rehabilitation is complete, the property will yield eight affordable rental units consisting of 4 one - bedroom units, 2 two - bedroom units and 2 three - bedroom units. 19C -3 2" Quarter Total ry Loan Payoffs $21,416 $356,085 Residual Receipts Payments $138,660 $138,660 Amortized Loan Payments $29,235 $74,191 Total $189,311 $568,936 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, 36 owner occupancy recertification letters were mailed; 20 were returned and processed, Staff also audited files for 96 units in 40 projects, and conducted code compliance inspections for 42 units in 8 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 observable 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. Development Projects NSP 1, 2 and 3 Programs The City's intermediaries, ANR Industries, Orange Housing Development Corporation, and C &C Development, continue to look for eligible properties. The acquisition of a single - family home located at 1235 S. Cypress closed escrow In August 2014 and rehabilitation is underway. Multi - Family Acquisition / Rehabilitation Projects 940 Minnie, LP completed the acquisition of a multi - family property located at 940 S. Minnie Street. The developer is currently in the process of relocating their tenants and is out to bid. Rehabilitation is expected to commence in March of 2015. Once the rehabilitation is complete, the property will yield eight affordable rental units consisting of 4 one - bedroom units, 2 two - bedroom units and 2 three - bedroom units. 19C -3