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Quarterly Report for Housing Division <br />February 6, 2018 <br />Page 3 <br />Loan Portfolio Management & Monitoring <br />The Housing Division is responsible for managing the residential loan portfolio which includes all <br />of the loans entered into by the City and Housing Authority acting as the Housing Successor <br />Agency. As of the end of this quarter, the principal balance was $120,985,418. This is comprised <br />of 409 loans of which 385 are deferred or residual receipt payment loans. As shown in Table 2, <br />the loan portfolio generated $292,144 in payments of principal and interest during this 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, 72 owner -occupancy <br />recertification letters were mailed and 67 were returned and processed. <br />Staff also audited files for five (5) projects and conducted building code compliance inspections <br />for 32 units in three (3) projects. Regulations require that only a sample of units be selected for <br />inspection. Staff also inspects the grounds and common areas such as laundry rooms to ensure <br />they also meet municipal code requirements. The grounds, common areas and all of the <br />inspected units were 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 December 31, 2017, a total of $6,230,070 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 />CalHOME <br />Loan Payoffs <br />$10,074 <br />$0 <br />$0 <br />$32,707 <br />$0 <br />Residual Receipts <br />$156,550 <br />$0 <br />$32,648 <br />$0 <br />$0 <br />Payments <br />Amortized Loan <br />$16,078 <br />$7,488 <br />$36,598 <br />$0 <br />$0 <br />Payments <br />Total For Q2 <br />$182,702 <br />$7,488 <br />$69,246 <br />$32,707 <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, 72 owner -occupancy <br />recertification letters were mailed and 67 were returned and processed. <br />Staff also audited files for five (5) projects and conducted building code compliance inspections <br />for 32 units in three (3) projects. Regulations require that only a sample of units be selected for <br />inspection. Staff also inspects the grounds and common areas such as laundry rooms to ensure <br />they also meet municipal code requirements. The grounds, common areas and all of the <br />inspected units were 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 December 31, 2017, a total of $6,230,070 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 />