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19D - QRTLY RPT OF HOUSING ACTIVITIES
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19D - QRTLY RPT OF HOUSING ACTIVITIES
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8/10/2017 6:30:06 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
19D
Date
8/15/2017
Destruction Year
2022
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Quarterly Report for Housing Division <br />August 15, 2017 <br />Page 3 <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 />During this quarter, staff conducted one (1) down payment assistance workshop. A total of 45 <br />people attended. City staff also participated in the NeighborWorks Homeownership Fair and <br />conducted a presentation to potential first-time buyers at City Ventures. <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 $114,017,804. This is comprised of 419 loans of which 395 <br />are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated <br />$244,480 in payments of principal and interest during the quarter. <br />Table 2: Portfolio Revenue <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 building code compliance of units in rental <br />projects with long-term affordability covenants. During this quarter, 60 owner -occupancy <br />recertification letters were mailed and 54 were returned and processed. <br />Staff also audited files for 5 projects and conducted building code compliance inspections for 30 <br />units in 15 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 (1) smoke alarm was <br />inoperative and one (1) toilet was loose. All of the deficiencies were immediately repaired and <br />passed a re -inspection. <br />19D-3 <br />Funding Sources <br />HOME <br />CDBG <br />Redevelopment <br />NSP <br />CaIHOME <br />Loan Payoffs <br />$0 <br />$21,642 <br />$37,778 <br />$11,461 <br />$40,000 <br />Residual Receipts <br />$29,461 <br />$0 <br />$62,144 <br />$0 <br />$0 <br />Payments <br />Amortized Loan <br />$7,811 <br />$11,809 <br />$21,527 <br />$0 <br />$392 <br />Payments <br />Total For Q4 <br />$37,727 <br />$33,451 <br />$121,449 <br />$11,461 <br />$40,392 <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 building code compliance of units in rental <br />projects with long-term affordability covenants. During this quarter, 60 owner -occupancy <br />recertification letters were mailed and 54 were returned and processed. <br />Staff also audited files for 5 projects and conducted building code compliance inspections for 30 <br />units in 15 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 (1) smoke alarm was <br />inoperative and one (1) toilet was loose. All of the deficiencies were immediately repaired and <br />passed a re -inspection. <br />19D-3 <br />
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