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Quarterly Report Housing Division Projects and Activities (July — September 2015) Page 3 LOAN PORTFOLIO MANAGEMENT AND 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 $111,440,047. This is comprised of 437 loans of which 413 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $1,437,460 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, 18 owner occupancy recertification letters were mailed and 12 were returned and processed. Staff conducted code compliance inspections for 26 units in 5 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 GPCI 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 ?, 2 and 3 Programs The City's Intermediaries, ANR Industries, grange 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. During this quarter, the home was sold to a qualified homebuyer. 19C-3 Amortized Loan•Ue 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, 18 owner occupancy recertification letters were mailed and 12 were returned and processed. Staff conducted code compliance inspections for 26 units in 5 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 GPCI 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 ?, 2 and 3 Programs The City's Intermediaries, ANR Industries, grange 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. During this quarter, the home was sold to a qualified homebuyer. 19C-3