19D - QRTLY HOUSING REPORT - Laserfiche WebLink

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Quarterly Report Housing Division Projects and Activities (Oct — Dec 2014) Page 3 13, 2015, the new maximum purchase price as published by HUD Is $486,000 for an existing single family home or condo or $560,000 for a newly constructed condo or home. Additionally, the property needs to be in good condition and pass an Inspection by staff, 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 $112,459,066. This is comprised of 438 loans of which 417 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $63,238 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, 34 owner occupancy recertification letters were mailed; 26 were returned and processed, Staff also audited files for 126 units in 73 projects, and conducted code compliance inspections for 124 units in 63 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, inoperative heaters, faulty QFCI 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 NSF' 1, 2 and 3 Programs 19D-3 3` Quarter Total FY Loan Payoffs $28,987 $386,072 Residual Receipts Payments $0 $138,660 Amortized Loan Payments $33,251 $1071442 Total $63,238 $632,174 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, 34 owner occupancy recertification letters were mailed; 26 were returned and processed, Staff also audited files for 126 units in 73 projects, and conducted code compliance inspections for 124 units in 63 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, inoperative heaters, faulty QFCI 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 NSF' 1, 2 and 3 Programs 19D-3