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Quarterly Report for Housing Division <br />November 15, 2016 <br />Page 3 <br />During this quarter, staff conducted one down payment assistance workshop. A total of 38 <br />people attended the workshop. In addition, one buyer was approved for an Inclusionary Housing <br />Unit purchase at Magnolia Lane. <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 $113,201,066. This is comprised of 429 loans of which <br />400 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio <br />generated $202,081 in payments of principal and interest during the quarter. <br />Table 2: Portfolio Revenue <br />Source <br />1st Quarter <br />Total FY <br />Loan Payoffs <br />$31,384 <br />$31,384 <br />Residual Receipts Payments <br />$140,310 <br />$140,310 <br />Amortized Loan Payments <br />$30,387 <br />$30,387 <br />Total <br />$202,081 <br />$202,081 <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, 94 owner - occupancy recertification letters <br />were mailed; 80 were returned and processed. <br />Staff also audited files for 9 units in 9 projects, and conducted code compliance inspections for 26 <br />units in 6 projects. Regulations require that only a sample of units be selected for inspection. <br />Staff also inspects the grounds and common areas such as laundry rooms to ensure they also <br />meet municipal code requirements. The grounds, common areas and almost all of the inspected <br />units were found to be in compliance at the time of initial inspection. One of the units was lacking <br />a carbon monoxide detector which was immediately repaired and passed inspection. <br />Development Projects <br />NSP 1, 2 and 3 Programs <br />The City's intermediaries, ANR Industries, Orange Housing Development Corporation, and C &C <br />Development, continue to look for eligible properties. <br />Multi- Family Acquisition/ Rehabilitation Projects <br />The rehabilitation of 940 S. Minnie Street was completed during the previous fiscal year and is <br />fully occupied. The City will process its final payment and closeout the project during the next <br />quarter. <br />19D-3 <br />