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