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Quarterly Report Housing Division <br />Projects and Activities January — March 2016 <br />May 17, 2016 <br />Page 3 <br />family home or condo or $560,000 for a newly constructed condo or home. The updated <br />maximum sales price became effective on April 13, 2015. Additionally, the property needs to be in <br />good condition and pass an inspection by staff. During this quarter, two (2) buyers were <br />approved for Inclusionary Housing Unit purchases at Magnolia Lane. <br />Loan Portfolio Management & 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 $111,349,414. This is comprised of 429 <br />loans of which 403 are deferred or residual receipt payment loans. As shown in Table 2, the loan <br />portfolio generated $64,021 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, 42 owner occupancy recertification letters <br />were mailed; 30 were returned and processed. <br />Staff also audited files for 52 units in 12 projects, and conducted code compliance inspections for <br />126 units in 73 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 />19F -3 <br />3rd Quarter <br />Total FY <br />Loan Payoffs <br />$22,825 <br />$1,444,790 <br />Residual Receipts Payments <br />$6,663 <br />$134,701 <br />Amortized Loan Payments <br />$34,533 <br />$107,568 <br />Total <br />$64,021 <br />$1,687,059 <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, 42 owner occupancy recertification letters <br />were mailed; 30 were returned and processed. <br />Staff also audited files for 52 units in 12 projects, and conducted code compliance inspections for <br />126 units in 73 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 />19F -3 <br />