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Quarterly Report Housing Division Projects and Activities (April — June 2015) Page 3 loans of which 417 are deferred or residual receipt payment loans. As shown In Table 2, the loan portfolio generated $457,029 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, 45 owner occupancy recertification letters were mailed; 38 were returned and processed. Staff also audited files for 17 units in 5 projects, and conducted code compliance inspections for 57 units in 17 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 the rehabilitation was completed in March 2015. The home is currently on for sale for qualified homebuyers whose income is at or below 120% of the area median income. Multi- Family Acquisition /Rehabilitation Projects 940 Minnie, LP completed the acquisition of a multl- family property located at 940 S. Minnie Street. The developer has completed the process of relocating their tenants and the construction bid. Rehabilitation work started during this quarter and is currently underway. Once the 19E -3 4 Quarter Total FY Loan Payoffs $32,977 $429,049 Residual Receipts Payments $390,809 $529,469 Amortized Loan Payments $33,243 $140,685 Total $457,029 $1,089,203 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, 45 owner occupancy recertification letters were mailed; 38 were returned and processed. Staff also audited files for 17 units in 5 projects, and conducted code compliance inspections for 57 units in 17 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 the rehabilitation was completed in March 2015. The home is currently on for sale for qualified homebuyers whose income is at or below 120% of the area median income. Multi- Family Acquisition /Rehabilitation Projects 940 Minnie, LP completed the acquisition of a multl- family property located at 940 S. Minnie Street. The developer has completed the process of relocating their tenants and the construction bid. Rehabilitation work started during this quarter and is currently underway. Once the 19E -3