Laserfiche WebLink
Quarterly Report for Housing Division <br />November 7, 2017 <br />Page 2 <br />Table 1: Aoolications Sent Out. Received & Anoroved <br />Program <br />Inquiries <br />Applications <br />Sent Out <br />Applications <br />Received <br />Applications <br />A roved <br />Q1 Total Q1 Total Q1 Total Q1 <br />FY FY FY <br />Total <br />FY <br />Single -Family Rehabilitation <br />32 <br />32 <br />25 25 <br />5 5 <br />1 <br />1 <br />Mobile Home Rehabilitation <br />30 <br />30 <br />25 25 <br />3 3 <br />0 <br />0 <br />Multi -Family Rehabilitation <br />0 <br />0 <br />0 1 <br />0 0 <br />0 <br />0 <br />Historic Home Restoration <br />1 <br />1 <br />1 1 <br />0 0 <br />0 <br />0 <br />Homeownership <br />75 <br />75 <br />64 64, <br />1 1 <br />0 <br />0 <br />Rehabilitation Loan Underwriting and Approval Progress <br />For the 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 single family rehabilitation loan was approved and one inclusionary <br />housing purchase at City Ventures was approved. During this quarter, staff attended the Artesia <br />Pilar and Flower Park Neighborhood Association meeting to promote the Single Family <br />Rehabilitation Loan Program. <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 with the evaluation of bids and selection of a contractor. Staff also <br />monitors the construction work, approves payments to contractors, and tracks expenditures to <br />ensure compliance with the loan agreement and program guidelines. At the end of this quarter, <br />there were two (2) homeowner rehabilitation projects out to bid and four (4) under construction. <br />Downuayment Assistance Program Progress <br />For the 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. The updated maximum <br />sales price became effective on March 1, 2017. Additionally, the property needs to be in good <br />condition and pass an inspection. <br />19D-2 <br />