Laserfiche WebLink
Quarterly Report for Housing Division <br />November 7, 2017 <br />Page 3 <br />During this quarter, staff conducted one (1) down payment assistance workshop at Santa Ana <br />College in which a total of 15 people attended. City staff also conducts weekly presentations to <br />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 $121,159,038. This is comprised of 413 loans of which 389 <br />are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated <br />$196,768 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 of 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, 66 owner -occupancy <br />recertification letters were mailed and 58 were returned and processed. <br />Staff also audited files for 5 projects and conducted building code compliance inspections for 12 <br />units in 6 projects. Regulations require that only a sample of units be selected for inspection. Staff <br />also inspects the grounds and common areas such as laundry rooms to ensure they also meet <br />municipal code requirements. The grounds, common areas and all of the inspected units were <br />found to be in compliance at the time of initial inspection. <br />Available Funds for Affordable Housing Development Projects <br />The City of Santa Ana and the Housing Authority acting as the Housing Successor Agency <br />manages multiple sources of local, state and federal funds to promote and facilitate the <br />development of affordable housing. As of September 30, 2017, a total of $2,194,192 is available <br />for affordable housing development. Exhibit 1 provides a summary of the funds available as of the <br />end of this quarter. <br />19D-3 <br />Funding Sources <br />HOME <br />CDBG <br />Redevelopment <br />NSP <br />CaIHOME <br />Loan Payoffs <br />$16,194 <br />$0 <br />$0 <br />$42,189 <br />$0 <br />Residual Receipts <br />$19,702 <br />$0 <br />$54,882 <br />$29,849 <br />$0 <br />Payments <br />Amortized Loan <br />$5,018 <br />$5,136 <br />$21,798 <br />$2,000 <br />$0 <br />Payments <br />Total For Q1 <br />$40,914 <br />$6,136 <br />$76,680 <br />$74,038 <br />$0 <br />Monitoring <br />As part of the requirements for these funds, staff must monitor the owner -occupancy of 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, 66 owner -occupancy <br />recertification letters were mailed and 58 were returned and processed. <br />Staff also audited files for 5 projects and conducted building code compliance inspections for 12 <br />units in 6 projects. Regulations require that only a sample of units be selected for inspection. Staff <br />also inspects the grounds and common areas such as laundry rooms to ensure they also meet <br />municipal code requirements. The grounds, common areas and all of the inspected units were <br />found to be in compliance at the time of initial inspection. <br />Available Funds for Affordable Housing Development Projects <br />The City of Santa Ana and the Housing Authority acting as the Housing Successor Agency <br />manages multiple sources of local, state and federal funds to promote and facilitate the <br />development of affordable housing. As of September 30, 2017, a total of $2,194,192 is available <br />for affordable housing development. Exhibit 1 provides a summary of the funds available as of the <br />end of this quarter. <br />19D-3 <br />