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Quarterly Report Housing Division <br />Projects and Activities April — June 2016 <br />August 16, 2016 <br />Page 3 <br />maximum sales price of $480,000 for a single family home or condo or $480,000 for a newly <br />constructed condo or home. The updated maximum sales price became effective on May 2, <br />2016. Additionally, the property needs to be in good condition and pass an inspection by staff. <br />During this quarter, staff conducted three down payment assistance workshops and a <br />presentation at the Santa Ana Real Estate / Marketing Broker Preview Meeting. A total of 119 <br />people attended the workshops. In addition, one buyer was approved for an Inclusionary <br />Housing Unit purchase at Magnolia Lane and two down payment assistance loans were <br />approved. <br />Loan Portfolio Management & Monitoring <br />The Housing Division is responsible for managing the residential loan portfolio. As of the end of <br />this quarter, the principal balance was $113,174,912. This is comprised of 432 loans of which <br />403 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio <br />generated $320,314 in payments of principal and interest during the quarter. <br />Table 2: Portfolio Revenue <br />Source <br />4th Quarter <br />Total FY <br />Loan Payoffs <br />$170,748 <br />$1,615,538 <br />Residual Receipts Payments <br />$114,764 <br />$249,465 <br />Amortized Loan Payments <br />$34,802 <br />$142,370 <br />Total <br />$320,314 <br />$2,007,373 <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; 35 were returned and processed. <br />Staff also audited files for 106 units in 40 projects, and conducted code compliance inspections <br />for 6 units in one project. Regulations require that only a sample of units be selected for <br />inspection. Staff also inspects the grounds and common areas such as laundry rooms to ensure <br />they also meet municipal code requirements. The grounds, common areas and almost all of the <br />inspected units were found to be in compliance at the time of initial inspection. One of the units <br />had an inoperative smoke alarm which was immediately repaired and passed inspection. <br />19F -3 <br />