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Quarterly Report Housing Division <br />Projects and Activities (July — September 2015) <br />Page 3 <br />LOAN PORTFOLIO MANAGEMENT AND 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 $111,440,047. This is comprised of 437 <br />loans of which 413 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $1,437,460 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, 18 owner occupancy recertification letters <br />were mailed and 12 were returned and processed. <br />Staff conducted code compliance inspections for 26 units in 5 projects. Regulations require that <br />only a sample be selected for inspection. Staff also inspects the grounds and common areas <br />such as laundry rooms to ensure they also meet municipal code requirements. The majority of <br />the inspected units as well as the grounds and common areas were found to be in compliance at <br />the time of initial inspection. Some of the units had observable deficiencies, including loose <br />toilets, inoperative burners, faulty GPCI outlets, inoperative smoke alarms and carbon monoxide <br />detectors. All of the deficiencies were repaired and the units were found to be in compliance at <br />the time of the subsequent re- inspection. <br />DEVELOPMENT PROJECTS <br />NSP ?, 2 and 3 Programs <br />The City's Intermediaries, ANR Industries, grange Housing Development Corporation, and C &C <br />Development, continue to look for eligible properties, <br />The acquisition of a single - family home located at 1235 S. Cypress closed escrow in August 2014 <br />and the rehabilitation was completed In March 2015. During this quarter, the home was sold to a <br />qualified homebuyer, <br />19C -3 <br />