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Home My WebLink About03 QUARTERLY REPORT 05-04-2009 ::,a: l~ ir:'k f t iy THE` T~ _ 4_~_T FMI L41ofx ri~~ ' ILWRY.i i~.. f T~T~.~: A~PR~V~~ ~TAT~RLY REPORT ~~usr ? A~ Re~~m~~~ded ~r~rr~~r~ ~~~~~T n ~~TrvrT~~ ~ ~r~~~d~d ~i~T~f~~~D TO ~~C~~JT~ D~R~CTR RE1h~DE~ ~T~~V ~eoei~r~ and file. s C~~UNIT~` R~~E~TEL~~T 1D I~~~T~N o~rssror~ RECD~I~TI~ At its ~eg~.lar Meting of April ~1, 2DD9, ~ Grote of 5: the o~unity - Rede~elopmen~ and Housing om~nission reoo~nended that the Housin A~thorit~r rcei~r and fide this report . nrcur~~ This ~ t a to report for the f i ~ oil dear ~ 0 0 8 - 0 9 carter endir~rl'~'.JIIr March ~ 1 F ' ' X009, px~o~~des statist~.cs for the dad-to-day affordable housing acti~rities of the pity and the Com..nit~r Rede~elo ment ~ eno The p g ~ report is dz~rid~d into three sect~.or~s : Lo~r~ .~ctiv~.t~r, Loan ~'ortfolio . Management, ~.nd De~relopment Prod acts . f Lori ~i~1~TZt ~~1~~ ~~~3I~C~~~~~S ~~1~ ~pplict~.ans - M~ bi fe H~ me F The ~IoUSl~lg er~ies ~~.~rision affers se~reral . d~.~~erent px~ogra~ns . The loans offered ir~c~.ude first tl~e homebu~rer ~s~stance ~ir~Tim~ i~gf~Fm~~y ~~merie~n Dre~~ Do~n~ a ent H~ mebuyer ~ Leh ~b 22 ~ I~sslstance, "A~D~"} , rehab 5. r quarterly Report For Housing D~.vision Prof ects and Activities May 4, ~0~9 Page ~ loans for owner a~oupied historic s~.nle far~ily, single family and mobile ~.omes. There are four different mobile home programs; Mobile Hame ~i~rdship ~orgi~rable Doan Program, Federal Empowerment done ~ox~givable Loan Progra~., alHome Mobile Home Rehab Loan Program, and ~alHome Replacement Doan Program. The Housing Di~rision reviews applications to determ~.ne which program best fits the needs of the applicants. Applications are mailed out end received for these progr~.ms ors a continuing bass. chart 1 show, the nurr~ber of applications sent out b type during this second quarter of the f~.soal year. Loan Underwriting and Approval Process In. this process, staff reviews applicant eligibility, ~rerifies income and assets, oversees underwriting, conducts inspection of the unit, and prepares a work write up to determine rehabilitation work to be perfor~.ed. due to the complex funding requ~.rements, applicants ray be in 4 underwriting several months. It is largely determ~.ned by the applicant's t~.mely submittal of the necessary paperwork. once approved, staff 5 prepares all necessary loan docur~ent, makes arrangements for execution, and reserves the required loan funds. Two sing~.e family rehab loans, two - mobile home replacement loans, f,i~re mobile have rehab loans and three single family new construction loans were appro~red during the first three quarters of the fiscal year, ! S Chan ~ ~~an A~~~ov~d " ~z~r ~s'~.-+"f _~{'~_u,~xr,. ~,r>-Y~=`r ",~'1 L'S. ;T .'i ."'f- A;~k."..,~Y;r, rti ^~'i •~y~r~ ti.'-~'F'-k'v't~ ~ff^~'.h"1ri.~~"y y ti:~";,G'.;r.~~,~'1 ir'.. ~,`~S'~'~~'':.n ~l~'7.'e~ ~'ir~•"~ ~i~~'3= ~yt~ ~ tics, ~F'a,.. 'v.>aw.~a,4~y-„~'~~~~rr y ~ {i^rc{. e^ : ~:~.~'4-"", r ~~k h `w~~,~~h`°~~rt`~ST.y ~^'Y 'f' ! orw4'i: '.w';::'~fi4 :b.':~P' "co~?c'~. V L7r z ~,~f'-'ti'~"x'c t~!'~, -:^~w;~~~ 4tr .'~'~.?;k - 1^~i"~.*ra'r-...v' y~~';~'!'~ :'~',F=. ,~,r.~^~*%mg;.;eb~~,'. r..,•i ~ ~ total number of loans .~c~a':~.+};st~;o~:~.L''_ ~ ~ ~~'~rY ~ +}r~:~{~ ~'A r3~=?r~ r,`o--' ~V f~ I"1~ I ~T , , -.;:1~'M r~~.«e .,t~-.E„~,ff~::u"=rr, ~}'~~`f:l7~~~ ~ ; 9y ~~,','~.1~<3 X7Y '~kJ r 1J V ~ d ~ h ~ 1.7 f ~ 4r "~'r'"~~'`:,~^c'•CR'"'.'":;?'n,: 7!Cr^s~y; i'~'..,qr`. '"a~'~'rk''°-;;~`,~.K-};1 'y~",~N`~'~.;r,~;,,rw,~ ,~r'1~ y ~'v15~~: -".why. ~CSs;,~~ X`.r,-~~~ ~ V~:SL .F+.S'^IrS ~bjfl~4..T .:J".[, J,~.','^[r~~i~ * . . -~?~J . ~ 'ti'a~ Z. ,~~c~+~,ti sl~:fr~. ~~'~i 1`h y'.~~y s' Y~f ?,t ~~~ry.'ry~ .~t~;t ~r.-f -t 1:y'1.. . . . ~ "1.% hr .~Y.{. f ~.S1.r~Y:.~ .4'...1 '~ro!!.C ~Y'~.'.}!9.^~ ki':,'r 1. ! -Jr'Y~{15Y''~..~o-~wr~ -4 4i' ~C•}Ff.j'f,'~i-"'iy.'~' .~r .}'h .~3~5 L' .~S{ #d1...~ 5~`~~!:~'~~Wzl ~ ~1 ,r.~~~~r.y„t:~~;r-;~.~~.- , ~ ~t~~~•= ~ ~~s~ ~ ~o ~Q I ear b t e o f 1 o a n r " r' rl ~ x V 1 J .L .rL[~'oxi ~=?~`',Sk,l~:'~'-.~ "~Y ~rJn r,-,.~a. ~w.x~,:4>"~ x. ^~a v ; }~%ti , . ~~c: ' `P'it `"r'i•~ 5} ~x,rt~~y-0 4 ~ ~~w'~Y' ~~~..~v .i~ .nd lr~can~e ~.e~rel r~ ~l ~iy l a C l 3:~ Ls~.L: ~4S.'~: . . >~~1~~~ a'1 ~ . . • ~~'{°~.'r :w~rf~~~yw.Ls .~s.r. '.k1lrr t ~F~''- Y-.v ~,S; ~:s?.. n.,..,. ~?^s;~r - "v` i _ryYi ' SY},~,~r,- ".?~l~:, ~.i~`4`~ -'~~i._ Single family Mobile Nome Mobile Nome Homeb~ayer flew Reh~~il~#a#ior~ Replacement Rehabilitation Constriction onstx~uctian Process i During this phase, staff monitors the construction work, approves payments to contractors, and tracks expenditures to ensure they do not exceed a~railable funds . Multifamily p~oj ects often involve additiana~. issues such as compliance with prevailing wage requirements and~or Davis Pacon, ~ls of March 31, ~~~9, there was a total o ~5 units underway. 5 Quarterly Roport For Housing Di~risian Projects and A~ti~r.~tie day 4, 20D9 Page L~~n Po~t~'o~.io ana~e~~nt Tho Housing Di~rision is rosponsibl.o far ~nsurin the rote rit of the g ~ Y re~sidnt.ial laan portfalia. As of the end of the seoond ~.arter of tho f~.saal year, the prino~.pai balance was ~7, ~5, iS This is coy. riled f ~ ~ 412 .loans of which X42 aro deferxed or residual recoi t~s a eat Ica The 1 ~ ~ ~ ~ ns' Dan portfolio generated 2~ 2 ~n repayments of prino~.~al and interest through the third quarter of the fiscal ear, Y ~v~logment Pr~~~~t/Mul~i.-~'aily Rha~ili~t~ti~~ , Tawnsend and ~a~.tt an January 2D08, the Clty Cour~cll and Community Rode~relo m.ent ~ Inc ~ ~ y appra~red 8, 991, 42 in loans to Townsend ~ Rain, ~,LC far aC uisition and q rehabilitation of fi~ro apartment buildings on Townsend and Raitt streets, The buildings car~tain a total of 51 one bedroom a ax~tmer~t units t ~ 50 of wh~oh are to b~ restricted to oaoupancy by ~r~ry 1.a~r-~inca~.e hauohalds . The remaining unit was to be re.or~red for an ons~.te many or, The g acquis~.tion of 7D1 and 709 Townsend was completed on February 1~, 200$, and the acquisition of S17 and 821 ~aitt and 884 Raitt was Comp~.oted May 15, 2008. The rehabilitation of 7~1 Townsend is now complete, and rehabilitation of 709 and 817 Townsend is underwa - y wil,hire/Minnie ~n Decerner 18, 200, the City Counoil, Corrlmun~.ty Roe~relo meat A enc and H ~ g y Dosing ~uthor~ty appro~red X10, 500, 000 and 7, 9~7, l09 in bandy in loans to wilshiro/Minnie, ~,P for acquisition and rehabilitation of 17 apartment bu.ild.ings on Wilshire and N~innie Streets. The on final 1 g units were to be eon~rerted ~.r~to ~.4~ one, two three and four bodraom f units, with 14 of the units restricted to law and ver low-income y households. The remaining unit was to be roser~rod for an onite many er, g The rehabilitation work was completed in earlT1r/} A ril of 2D09 and the F r ' F 1 y 1 u.n~.ts are bung leased up ~n accordance w~.th the recorded restrictions. Rant Street ~nfill .Site Curio Center Baria Hauling ~orparation ~CCBHC~ is ro asin to construct ~ p g an ~.1~unit affordable housing project cor~pr~.sed of three tri lees and . two single family units. The project wi~.l be rote rated with BH's g e~~~tzng i2~-u~~.t do~rela~~en.t to the north. flans are p~aooeding through the City's site plan review process, while the develo er continues p profarma preparation and lender negotiations. This material will form the basis of a ~ispositian and De~relopr~ent A regiment ~D~~} which is g antlc~.pated to be oonsldered In date summer of 2009. -t,: ,Fl quarterly Report For I~ous~ng _ D~.vislon Prod ects and activities May 4, 2~~9 Page 4 1~~~ flock of N Cogan The Cogan ~.nfill project cons~.sts of three vacant 1ot~s ~.acated at IOa 112, and 1D~.5 forth Cogan Street. ~x~ange County communit Housin ~ ~ corparati~n ~~cCHC} and its general contractor, Taller San dose r commenced construction ire December SOD ~'he work i we~.l underwa on alb three homes . ~ac~ home wi11 be sold to a low-income hon~cbuyor . ~'he project is schedu~.ed to be campieted In December X009. RSIIMcFadden Stiff has concluded negotiations with The Ron Simon Education and Houin Foundation ~RSI} for the development of two parcels at the corner of N~cFadden and grange. the DDA was approved at the January 5th council. meeting. Th~.~ is a pilot project which will demonstrate that homes can be built in an expedited and efficient manner Frith be~.ow market construction ca~st~. the two ito were carve ed to RSI an A ril ~.o 1 f 209, ar~d construction ~.s chcduled to be completed ~y the end of April. B~rc~ Street Infill the Agency has been working with a non-px~afit to devela the sites. Due p to the design and other issucs, the cost to devela was too hi h. Staff P ~ - has met with the ne~.ghborhaod to begin exploration of other development options. Multi-Site Inf ill s The Age~noy has a~thori~ed staff to enter into ne otiation with The O~.san Company for the dcvelopment of single family ~.o~.es on scattered infil~. lots throughout the pity, Approval of the DDA was tabled b t.e ~ enc . y g y Staff is e~raluating options , FISH IMPACT k There is no fiscal impact asocia-ted with this action. eily ndry-~ y e Housing Manager corr~r~unity Development Agency c~N~~BIJPH/mlr