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Quarterly Report for Housing Division
<br />February 7, 2017
<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 approved and one mobile home was
<br />sold to a qualifying family. The mobile home was acquired by the City when the original owner, a
<br />participant in the City's mobile home replacement program, passed away and had no
<br />beneficieries. In addition, the Single Family Rehabilitation Loan Program was featured on a
<br />Telemundo news segment in November.
<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 two homeowner rehabilitation projects out to bid and seven
<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 />19D-2
<br />Inquiries
<br />Applications
<br />Applications
<br />Applications
<br />Program
<br />Sent Out
<br />Received
<br />Approved
<br />Q2
<br />Total
<br />Q2
<br />Total
<br />Q2
<br />Total
<br />Q2
<br />Total
<br />FY
<br />FY
<br />FY
<br />FY
<br />Single-Family Rehabilitation
<br />15
<br />30
<br />20
<br />35
<br />1
<br />2
<br />0
<br />0
<br />Mobile Home Rehabilitation
<br />12
<br />26
<br />15
<br />27
<br />2
<br />3
<br />1
<br />2
<br />Multi - Family Rehabilitation
<br />2
<br />6
<br />0
<br />1
<br />0
<br />0
<br />0
<br />0
<br />Historic Home Restoration
<br />0
<br />0
<br />2
<br />2
<br />0
<br />0
<br />0
<br />0
<br />Homeownership
<br />30
<br />30
<br />30
<br />1 30
<br />0
<br />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 approved and one mobile home was
<br />sold to a qualifying family. The mobile home was acquired by the City when the original owner, a
<br />participant in the City's mobile home replacement program, passed away and had no
<br />beneficieries. In addition, the Single Family Rehabilitation Loan Program was featured on a
<br />Telemundo news segment in November.
<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 two homeowner rehabilitation projects out to bid and seven
<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 />19D-2
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