19D - HOUSING QRTLY RPT - Laserfiche WebLink

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Quarterly Report Housing Division Projects and Activities (October — December 2015) February 16, 2016 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 $111,379,789. This is comprised of 431 loans of which 405 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $185,578 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, 56 owner occupancy recertification letters were mailed, and of those, 34 were returned and processed. Staff also audited files for 69 units in 55 projects, and conducted code compliance inspections for 42 units in four 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, and 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. Multi - Family Acquisition/ Rehabilitation Projects The rehabilitation of 940 S. Minnie Street was completed during this fiscal year and is now fully occupied. 19D-3 2" Quarter Total FY Loan Payoffs $19,075 $1,421,965 Residual Receipts Payments $128,038 $128,038 Amortized Loan Payments $38,465 $73,035 Total $185,578 $1,623,038 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, 56 owner occupancy recertification letters were mailed, and of those, 34 were returned and processed. Staff also audited files for 69 units in 55 projects, and conducted code compliance inspections for 42 units in four 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, and 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. Multi - Family Acquisition/ Rehabilitation Projects The rehabilitation of 940 S. Minnie Street was completed during this fiscal year and is now fully occupied. 19D-3