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Quarterly Report for Housing Division
<br />February 6, 2018
<br />Page 2
<br />Table 1: Applications Sent Out, Received & Approved
<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, applications 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 (1) mobile home loan was approved and three (3) inclusionary housing
<br />purchases at City Ventures were 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 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 was one (1) homeowner rehabilitation projects out to bid and four (4) under construction.
<br />Downpayment 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. During this quarter, staff conducted one (1) down payment
<br />assistance workshop in which a total of 21 people attended.
<br />19D-2
<br />Inquiries
<br />Applications
<br />Applications
<br />Applications
<br />Program
<br />Sent Out
<br />Received
<br />A
<br />roved
<br />Q2
<br />Total
<br />Total Total Total
<br />Q2 Q2 Q2
<br />FY
<br />FY
<br />FY
<br />FY
<br />Single -Family Rehabilitation
<br />29
<br />61
<br />25
<br />50
<br />1 6
<br />0
<br />1
<br />Mobile Home Rehabilitation
<br />20
<br />50
<br />17
<br />42
<br />1 4
<br />1
<br />1
<br />Multi -Family Rehabilitation
<br />0
<br />0
<br />0
<br />0
<br />0 0
<br />0
<br />0
<br />Historic Home Restoration
<br />2
<br />3
<br />2
<br />3
<br />0 0
<br />0
<br />0
<br />Homeownership
<br />40
<br />115
<br />30
<br />94
<br />1 2
<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, applications 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 (1) mobile home loan was approved and three (3) inclusionary housing
<br />purchases at City Ventures were 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 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 was one (1) homeowner rehabilitation projects out to bid and four (4) under construction.
<br />Downpayment 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. During this quarter, staff conducted one (1) down payment
<br />assistance workshop in which a total of 21 people attended.
<br />19D-2
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