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Quarterly Report for Housing Division <br />May 1, 2018 <br />Page 2 <br />Inclusionary Housing Fund to offer down payment assistance of up to $40,000 to moderate <br />income households. The updated program requires the buyer must be a current resident of Santa <br />Ana or work in Santa Ana at least 32 hour per week (except U.S Military Veterans). Additionally, <br />the property needs to be in good condition and pass an inspection. During this quarter, staff <br />conducted one (1) down payment assistance workshop in which a total of 25 people attended <br />and made a Down Payment Assistance Loan Program presentation at Precise Investment <br />Enterprises in Santa Ana, to a group of 40 local realtors and loan officers. <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 $120,980,386. This is comprised <br />of 410 loans of which 386 are deferred or residual receipt payment loans. As shown in Table 2, <br />the loan portfolio generated $38,494 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, 45 owner -occupancy <br />recertification letters were mailed and 32 were returned and processed. <br />Staff also audited files for five (5) loans and conducted building code compliance inspections for <br />97 units in nine (9) 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 />19C-3 <br />Funding Sources <br />HOME <br />CDBG <br />Redevelopment <br />NSP <br />CaIHOME <br />Loan Payoffs <br />$0 <br />$0 <br />$0 <br />$0 <br />$0 <br />Residual Receipts <br />$0 <br />$0 <br />$0 <br />$0 <br />$0 <br />Payments <br />Amortized Loan <br />$4,580 <br />$12,760 <br />$20,771 <br />$0 <br />$383 <br />Payments <br />Total For Q2 <br />$4,580 <br />$12,760 <br />$20,771 <br />$0 <br />$383 <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, 45 owner -occupancy <br />recertification letters were mailed and 32 were returned and processed. <br />Staff also audited files for five (5) loans and conducted building code compliance inspections for <br />97 units in nine (9) 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 />19C-3 <br />