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Quarterly Report for Housing Division <br />May 2, 2017 <br />Page 2 <br />Table 1: Applications Sent Out, Received & Approved <br />Program <br />Inquiries <br />Applications <br />Sent Out <br />Applications <br />Received <br />Applications <br />Approved <br />Q3 <br />Total <br />FY <br />Q3 <br />Total <br />FY <br />Q3 <br />Total <br />FY <br />Q3 <br />Total <br />FY <br />Single-Family Rehabilitation <br />12 <br />42 <br />15 <br />50 <br />1 <br />3 <br />0 <br />0 <br />Mobile Home Rehabilitation <br />10 <br />36 <br />12 <br />39 <br />2 <br />5 <br />0 <br />2 <br />Multi-Family Rehabilitation <br />1 <br />7 <br />0 <br />1 <br />0 <br />0 <br />0 <br />0 <br />Historic Home Restoration <br />1 <br />1 <br />0 <br />2 <br />0 <br />0 <br />0 <br />0 <br />Homeownership <br />72 <br />97 <br />27 <br />92 <br />0 <br />8 <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. <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 was one homeowner rehabilitation project out to bid and five <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 $499,000 for a single family home or condo or $499,000 for a newly <br />constructed condo or home. The updated maximum sales price became effective on March 1, <br />2017. Additionally, the property needs to be in good condition and pass an inspection. <br />191 -2 <br />