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Quarterly Report for Housing Division <br />February 7, 2017 <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. <br />During this quarter, staff conducted one down payment assistance workshop. A total of eight <br />people attended the workshop. <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 $112,960,740. This is comprised of 424 loans of which <br />400 are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio <br />generated $266,065 in payments of principal and interest during the quarter. <br />Table 2: Portfolio Revenue <br />Source <br />2nd Quarter <br />Total FY <br />Loan Payoffs <br />$64,985 <br />$96,369 <br />Residual Receipts Payments <br />$161,382 <br />$301,692 <br />Amortized Loan Payments <br />$39,698 <br />$70,085 <br />Total <br />$266,065 <br />$468,146 <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, 75 owner - occupancy recertification letters <br />were mailed; 63 were returned and processed. <br />Staff also audited files for 128 units in 40 projects, and conducted code compliance inspections <br />for 30 units in 3 projects. 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. Two smoke <br />alarms, one carbon monoxide detector and one wall heater were inoperable. All of the <br />deficiencies were immediately repaired and passed inspection. <br />Development Projects <br />NSP 1, 11 and 111 Programs <br />The City's intermediaries, ANR Industries, Orange Housing Development Corporation, and C &C <br />Development, continue to look for eligible properties for this program. <br />19D-3 <br />