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Quarterly Report for Housing Division <br />May 1, 2018 <br />Page 2 <br />Table 1: Applications Sent Out, Received & Approved <br />Program <br />Q3 <br />Inquiries <br />Total FY <br />Applications <br />Sent Out <br />Q3 Total FY <br />Applications <br />Received <br />Q3 Total FY <br />Applications <br />A proved <br />Q3 Total FY <br />Single -Family Rehabilitation <br />75 <br />136 <br />75 125 <br />4 10 <br />2 <br />3 <br />Mobile Home Rehabilitation <br />10 <br />60 <br />5 47 <br />1 5 <br />2 <br />3 <br />Multi -Family Rehabilitation <br />0 <br />0 <br />0 0 <br />0 0 <br />0 <br />0 <br />Historic Home Restoration <br />1 <br />4 <br />0 3 <br />0 0 <br />0 <br />0 <br />Homeownership <br />60 <br />175 <br />45 139 1 <br />1 3 <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 <br />budget for the work. Due to the complex funding requirements, applications may be in <br />underwriting for several months. The length of time in underwriting is largely determined by the <br />applicant's timely submittal of the necessary paperwork. Once approved, staff prepares all <br />necessary loan documents, makes arrangements for loan execution, and reserves the required <br />loan funds. During this quarter, two (2) mobile home loans were approved, two (2) Single Family <br />Rehabilitation loans were approved and five (5) inclusionary housing purchases at City Ventures <br />were approved. <br />Rehabilitation Proaram 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 three (3) homeowner rehabilitation projects out to bid and two (2) under construction. <br />Down Payment Assistance Loan Program Progress <br />For the Down Payment Assistance Loan Program, staff evaluates applicant eligibility and <br />oversees underwriting to ensure compliance with program guidelines and requirements <br />established by the U.S. Department of Housing and Urban Development (HUD). Applicants must <br />meet established income requirements, complete an eight-hour pre -purchase counseling <br />program from a HUD -approved agency, be pre -qualified for a first mortgage and have a minimum <br />of three percent of the purchase price from their own savings. Other HUD requirements apply, <br />including a current maximum sales price of $513,000 for a single family home or condo. During <br />this quarter the City Council approved an update to the Down Payment Assistance Loan Program <br />increasing the loan amount to $80,000 for low income households and approving the use of the <br />19C-2 <br />