|
Quarterly Report for Housing Division
<br />November 15, 2016
<br />Page 2
<br />Table 1: Applications Sent Out, Received & Approved
<br />Rehabilitation Loan Underwriting and Approval Progress
<br />For our rehabilitation loans, staff reviews applicant eligibility, verifies income and assets, and
<br />oversees underwriting to ensure compliance with program guidelines and requirements
<br />established by the funding source. In addition, staff conducts an inspection of the property,
<br />prepares a work write-up to determine rehabilitation work to be performed, and develops a budget
<br />for the work. Due to the complex funding requirements, applicants may be in underwriting for
<br />several months. The length of time in underwriting is largely determined by the applicant's timely
<br />submittal of the necessary paperwork. Once approved, staff prepares all necessary loan
<br />documents, makes arrangements for loan execution, and reserves the required loan funds.
<br />During this quarter, one mobile home rehabilitation loan was funded.
<br />Rehabilitation Program Construction Progress
<br />During this phase, homeowners receiving rehabilitation loans are guided through an open
<br />selection of contractors to complete the work on their homes. Each homeowner is given a list of
<br />contractors that have been screened by staff for license and insurance requirements. However,
<br />homeowners are allowed to select any contractor that meets these same requirements. Staff
<br />assists the homeowners in the selection of a contractor, monitors the construction work, approves
<br />payments to contractors, and tracks expenditures to ensure they do not exceed available funds.
<br />At the end of this quarter, there were three homeowner rehabilitation projects out to bid and six
<br />under construction.
<br />Downpayment Assistance Program Progress
<br />For our downpayment assistance program, staff evaluates applicant eligibility and oversees
<br />underwriting to ensure compliance with program guidelines and requirements established by the
<br />U.S Department of Housing and Urban Development (HUD). Applicants must meet established
<br />income requirements, complete an eight-hour pre -purchase counseling program from a HUD -
<br />approved agency, be pre -qualified for a first mortgage and have a minimum of three percent of
<br />the purchase price from their own savings. Other HUD requirements apply, including a current
<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.
<br />19D-2
<br />Inquiries
<br />Applications
<br />Applications
<br />Applications
<br />Program
<br />Sent Out
<br />Received
<br />Q1
<br />Total
<br />Q1
<br />Total
<br />Total
<br />Q1
<br />—Approved
<br />Q1
<br />Total
<br />FY
<br />FY
<br />FY
<br />FY
<br />Single -Family Rehabilitation
<br />15
<br />15
<br />15
<br />15
<br />1 1
<br />0
<br />0
<br />Mobile Home Rehabilitation
<br />12
<br />12
<br />12
<br />12
<br />1 1
<br />1
<br />1
<br />Multi -Family Rehabilitation
<br />4
<br />4
<br />1
<br />1
<br />0 0
<br />0
<br />0
<br />Historic Home Restoration
<br />0
<br />0
<br />0
<br />0
<br />0 0
<br />0
<br />0
<br />Homeownership
<br />30
<br />30
<br />30
<br />30
<br />2 2
<br />0
<br />0
<br />Rehabilitation Loan Underwriting and Approval Progress
<br />For our rehabilitation loans, staff reviews applicant eligibility, verifies income and assets, and
<br />oversees underwriting to ensure compliance with program guidelines and requirements
<br />established by the funding source. In addition, staff conducts an inspection of the property,
<br />prepares a work write-up to determine rehabilitation work to be performed, and develops a budget
<br />for the work. Due to the complex funding requirements, applicants may be in underwriting for
<br />several months. The length of time in underwriting is largely determined by the applicant's timely
<br />submittal of the necessary paperwork. Once approved, staff prepares all necessary loan
<br />documents, makes arrangements for loan execution, and reserves the required loan funds.
<br />During this quarter, one mobile home rehabilitation loan was funded.
<br />Rehabilitation Program Construction Progress
<br />During this phase, homeowners receiving rehabilitation loans are guided through an open
<br />selection of contractors to complete the work on their homes. Each homeowner is given a list of
<br />contractors that have been screened by staff for license and insurance requirements. However,
<br />homeowners are allowed to select any contractor that meets these same requirements. Staff
<br />assists the homeowners in the selection of a contractor, monitors the construction work, approves
<br />payments to contractors, and tracks expenditures to ensure they do not exceed available funds.
<br />At the end of this quarter, there were three homeowner rehabilitation projects out to bid and six
<br />under construction.
<br />Downpayment Assistance Program Progress
<br />For our downpayment assistance program, staff evaluates applicant eligibility and oversees
<br />underwriting to ensure compliance with program guidelines and requirements established by the
<br />U.S Department of Housing and Urban Development (HUD). Applicants must meet established
<br />income requirements, complete an eight-hour pre -purchase counseling program from a HUD -
<br />approved agency, be pre -qualified for a first mortgage and have a minimum of three percent of
<br />the purchase price from their own savings. Other HUD requirements apply, including a current
<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.
<br />19D-2
<br />
|