19D - QRTLY HOUSING REPORT - Laserfiche WebLink

Home Browse Search

Quarterly Report Housing Division Projects and Activities (Oct — Dec 2014) Page 2 Table 1; Applications Sent glut, Received & Approved Program Inquiries Applications Sent Out Applications Received Applications A P roved Q3 Total FY Q3 I Total FY Q3 Total FY Q3 Total FY Single- amil Rehabilitation 31 69 22 44 3 8 2 7 Mobile Home Rehabilitation 2 10 1 4 1 2 0 2 Homeownership 46 322 37 165 5 1 12 5 _9 9 Rehabilitation Loan Underwriting and Approval Process Staff reviews applicant eligibility, verifies income and assets, and oversees underwriting to ensure compliance with program guidelines and requirements established by the funding source, In addition, staff conducts an inspection of the property, prepares a work write up to determine rehabilitation work to be performed, and develops a budget for the work. Due to the complex funding requirements, applicants may be In underwriting several months. The length of time in underwriting is largely determined by the applicant's timely submittal of the necessary paperwork. Once approved, staff prepares all necessary loan documents, makes arrangements for execution, and reserves the required loan funds. Construction Process During this phase, homeowners receiving rehabilitation loans are guided through an open selection of contractors to complete the work an their homes. Each homeowner is given a list of contractors that have been screened by staff for license and insurance requirements, However, homeowners are allowed to select any contractor that meets these same requirements. Staff assists the homeowners In selection of a contractor, monitors the construction work, approves payments to contractors, and tracks expenditures to ensure they do not exceed available funds. At the end of this quarter, there were three homeowner rehabilitation projects out to bid, four under construction, and two were completed, Homeownership Marketing and Approval Process During this quarter, staff presented a workshop at the Wilshire Square Neighborhood Association Meeting which was attended by 30 individuals. Staff evaluates applicant eligibility and oversees underwriting to ensure compliance with program guidelines and requirements established by the U.S Department of Housing and Urban Development (HUD). Applicants must meet established Income requirements, complete an eight- hour pre - purchase counseling program from a HUD- approved agency, be pre - qualified for a first mortgage and have a minimum of three percent of the purchase price from their own savings. Other HUD requirements apply, including the previous maximum sales price of $390,000 for a single family home or condo or $443,000 for a newly constructed condo or home. Effective April 19D-2