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FULL PACKET_2015-08-04
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FULL PACKET_2015-08-04
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Agenda Packet
Agency
Clerk of the Council
Date
8/4/2015
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Quarterly Report Housing Division <br />Projects and Activities (April — June 2015) <br />Page 3 <br />loans of which 417 are deferred or residual receipt payment loans. As shown In Table 2, the loan <br />portfolio generated $457,029 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, 45 owner occupancy recertification letters <br />were mailed; 38 were returned and processed. <br />Staff also audited files for 17 units in 5 projects, and conducted code compliance inspections for <br />57 units in 17 projects. Regulations require that only a sample be selected for inspection. Staff <br />also inspects the grounds and common areas such as laundry rooms to ensure they also meet <br />municipal code requirements. The majority of the inspected units as well as the grounds and <br />common areas were found to be in compliance at the time of initial inspection. Some of the units <br />had observable deficiencies, including loose toilets, inoperative burners, faulty GFCI outlets, <br />inoperative smoke alarms, and carbon monoxide detectors. All of the deficiencies were repaired <br />and the units were found to be in compliance at the time of the subsequent re- inspection. <br />Development Projects <br />NSP 1, 2 and 3 Programs <br />The City's intermediaries, ANR Industries, Orange Housing Development Corporation, and C &C <br />Development, continue to look for eligible properties. The acquisition of a single- family home <br />located at 1235 S. Cypress closed escrow in August 2014 and the rehabilitation was completed in <br />March 2015. The home is currently on for sale for qualified homebuyers whose income is at or <br />below 120% of the area median income. <br />Multi- Family Acquisition /Rehabilitation Projects <br />940 Minnie, LP completed the acquisition of a multl- family property located at 940 S. Minnie <br />Street. The developer has completed the process of relocating their tenants and the construction <br />bid. Rehabilitation work started during this quarter and is currently underway. Once the <br />19E -3 <br />4 Quarter <br />Total FY <br />Loan Payoffs <br />$32,977 <br />$429,049 <br />Residual Receipts Payments <br />$390,809 <br />$529,469 <br />Amortized Loan Payments <br />$33,243 <br />$140,685 <br />Total <br />$457,029 <br />$1,089,203 <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, 45 owner occupancy recertification letters <br />were mailed; 38 were returned and processed. <br />Staff also audited files for 17 units in 5 projects, and conducted code compliance inspections for <br />57 units in 17 projects. Regulations require that only a sample be selected for inspection. Staff <br />also inspects the grounds and common areas such as laundry rooms to ensure they also meet <br />municipal code requirements. The majority of the inspected units as well as the grounds and <br />common areas were found to be in compliance at the time of initial inspection. Some of the units <br />had observable deficiencies, including loose toilets, inoperative burners, faulty GFCI outlets, <br />inoperative smoke alarms, and carbon monoxide detectors. All of the deficiencies were repaired <br />and the units were found to be in compliance at the time of the subsequent re- inspection. <br />Development Projects <br />NSP 1, 2 and 3 Programs <br />The City's intermediaries, ANR Industries, Orange Housing Development Corporation, and C &C <br />Development, continue to look for eligible properties. The acquisition of a single- family home <br />located at 1235 S. Cypress closed escrow in August 2014 and the rehabilitation was completed in <br />March 2015. The home is currently on for sale for qualified homebuyers whose income is at or <br />below 120% of the area median income. <br />Multi- Family Acquisition /Rehabilitation Projects <br />940 Minnie, LP completed the acquisition of a multl- family property located at 940 S. Minnie <br />Street. The developer has completed the process of relocating their tenants and the construction <br />bid. Rehabilitation work started during this quarter and is currently underway. Once the <br />19E -3 <br />
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