The URL can be used to link to this page

Home My WebLink About05 YRENDHSGDIVPROJPROG 5 1 i LJI.' T~ RAT T~~~~~„~ ~ - ~ ~ . ~xi aa~sir a,T. . . ia~aao . ~ I~EETiN SATE; RE~RD~N ERETARY ~E DNLY~ E~'TEMBER ~4~9 TITLE: APP~~VED SEAR-END EFFORT FDR ~~U ING ? A Re~orr~mended DI~TII~N FR~JE~T ~ A TILT ? A~ Amended ITIE ~NTINUED T~ - f E~iE~J E DIR~T~R = ~E~~ENE~ ~T~~V Reeei~re and file. DN,@?iTJNITY REDE~'E~~PMENT AND HDU INS ~NIlulI ION REDNENDAT I QN At its Regul~x~ Meeting of August 18, ~ ~ rote of ~:0, the community Redevelopment and Housing commission reeor~ended that the Housing Authority receive and file the dear-End Report for Housing ~iv~sion Projects and ~ctivltie. DIUI~N. This st~.tus report for fiscal gear 2008-~9 provzde~s statistics for the day-to-day ~fford~~e housing aotivit~.es of the pity and the community Redevelopment ~genc~. The report is divided into three seot~.ons: Loan Activity, Loin Portfolio Management, and De~relopn~ent Prof cots . Laan A~ t~ivi ty i chart ~ ~pp~ications dent ~ppliotion Mab~leHame The Housing er~rices 1.. ~~.vision offers e~reral d.~fferent programs . The loan~s offered include first time hom.ebuyer assistance ; ~Amex~ican Dream Doman-payment FirtTir~e ir~gle Family x Homeb~, er Reha~90 Aslstancer '"ADDI"~ , rehab _ 23~ ~ loans for o~ner occu ied p Year-End Report for Housing Divis~.o~ ~ro~ ar~d ~oti~rities september 8, X009 Page ~ histario single family, single family anal mobile homes . There are faun different mobile home progr~n~s: Mobile Hone Hardship Forgivable Loan - Pr~ogram, Federal Empowerment Zane Forgivable Loan grogram, ~a1Hor~e Mobi~.e Home Rehab Loan Progr~r~, and Ca1Har~e Replacement Loan grogram. The Dousing Division reviews applications to determine which program best fits the needs of the applicants. applications ire mailed opt and received for these pragrams on a contir~ui~g basis. chart 1 shows the nu.ber of applicat~.ans sent out by type during this fiscal year. Loan underwriting and Appro~a~. Process In this process, staff reviews applicant eligibility, verifies income and 1 assets, o~rersee underwr~.ting, conducts an z~spection of the unit, and = prepares a ward write up to determine rehabilitation word to be performed. Due to the complex funding requirements, applicants may be In underwriting several months. It is largely determined by the applicant's ti~te~.y submittal of the necessary paperwork. Once appro~red, staff prepares ail necessary loan documents, makes arrangements for execution, and reserves the required loan fu.ds. Two singe family rehab loans, twa mobile home replacement loans, eleven r~obile hame rehab loans and three single family new canstructio~ loans were approved dur~.ng the fiscal year. s.... Chan ~ single Family Loans Ap~rov~~ ~z . - ~o - - - - :::r-~~:, :.~r::,:,,,~.. n.:~:.~'i ~y ~`.5 fir,, _ - ...:..t~:.~ ~ •.~';r: - L.i - B~IoAMI - ?;~'V = Chart 2 r eflects the - - - - - - - - w'::'.'I is . i - - ~.t .i'~~ .t...... Whtit - ':l~'~ .i.~~.:•.t: 4A _a-:.j .ti ~ nu .r:~ e o can s . t'. r:: w.:'.:::.....: rr..:..i~: . ..t'..: .:..1 `.S:` :..y. i ~rxF ~ ::Y'~r S ..r~Y ~ _ _ _ _ - _ a r ~ - s y`~ti^ .r" - t.,. . - r ~rwL' C'~~~, _ _ - ,~i:, ~:r~. - ~>:i'•' . - - ~ Lf ~ la Aid I }!r-?~~ ;;~'i;,.57 ~~~y^:'i: ',^.r,,,~., 1.:..: <_`:; ~ ~ a f 1 4/ a n ear b ~-fr.:,..~.. - 1 1 1 i tr:::... ~:i.~ -vJ ........~.....i . , ..t.: i... '..4 - f '...t.:r.'.' I t:-:. ,.S'• - ' rti::.n''.:~'. J 1 V yr' ':.t'- I - - _ - i 2 - ,'w;: - - :~y ~d iJ ' • - ~~~~le family Ma6ile i~ome labile N~m~ H~m~~uyer iVew ReE~~biiitation E~e~lacam~nt Rehabilitation Const~~ctio~ In add~.t~.on to the single family loans processed by stiff, the City ou~cil and Cam~nunity Redevelapmer~t agency each approved two loans to _ support the acquisition and rehabilitation of twa apartment buildings iocated at 70 N. Lacy and 7~2 s. Raitt by lacy and Raitt, LP. This project is described in more detail below. f Year-End Report far Housing - Ei~isian Projects and Activities september S, 2DD9 Page constructiop Process During this phase, staff monitors the construction work, appraves payments to contactors, and tracks expenditures to epsure they do not exceed available funds. Multifam~.ly projects often involve additional issues such as compliance with prevailing gage requireents and~or ~avis- ~acon. As ofTune ~Q09, and including the multifamily units, Chore sere a total of units upderway. loan ~art~o~.~.o Management The Housing Division i responsible for ensuring the integrity of the residential lawn portfolio. As of the end of the fiscal. year, the principal balance was 59,891,9 This is comprised of X93 loans of ~rh.~ch X51 are deferred or residual receipts payment loans, The loan portfolio generated 7,481 in repayments of principal and interest through the end of the fiscal year. _ Development Pro~ect~Mult~.~~`~rnii~r ehab~.~.ita~i~n S 1 To~rnsepd and Ra~.tt The city council and community redevelopment Agency ha~re approved loans f to AHD and for acquisition and rehabilitation of a total of sip apartment buildings an Townsepd and Raitt streets. The first phase included five buildings that captained a total. of 51 one bedroom - apartment un~.ts, ~0 of which are to be restricted to occupancy by very _ log-income households, The remaining unit is reserved fog an onsite manager. The second phase included a single building at 7a~ Raitt that contains one bedroom units. These gill be reconfigured into S units with one-, tiro-, apd three-bedrooms. wilshire~Minnie The city council, Community Redevelop~ner~t Agency and Housing Authority - appraved bonds and loans to T~~~.shlre~Minnie, L~. P far acquisit~.on and rehabilitation of 17 apartment buildings on l~ilshire and Minnie streets. The orig~.na~. i~ units were to be converted into i44 one-, tea-, three- and four-bedroom units, with 14 of the units restricted to law and very log-income households. The remaining unit is reserved far an onsite manager. The rehabilitation work is complete and the units are completely leased up. The ones and Mariners church Lighthouse Ministries held a grand opening on May 28 to commemorate the completion of the units and the opening of the an-site community center. Year~Fnd Report far Housing Division Projects and Activities September 8, X009 Page 4 lacy/Raitt lty council and the community Redevelopment Agency approved the Lacy project with lacy and Raitt, LP. They approved the acquisition and rehabilitation of this ~ unit apartment cor~ple~ located at the corner of Lacy and Santa Ana Blvd. The rents for of the units will be restricted to families with extremely low- and very low-incomes. one unit is reserved for an an-site manager, NP Program The pity couni~.'s submittal of a eighbarhood Stabili~atian Program ~N~P~ application to the U. Department of Housing and Urban Development ~HUD~ in the amount of 5, 7~5,15~ was approved. NP is targeted at stabilizing communities hardest hit with foreclosures. with these funds, the pity i i~nple~nenting five NP programs including a Down Payment Assistance Program, Redevelopment Pragram, dingle-Family Acquisition-Rehabilitation Pragram, Histariclcondo Acquisition- r r Rehabilitation Program and a Multifamily Acquisition-~Rehabilitation Pragram. In March ~~a~, the city approved contracts with two intermediaries for the implementation of three of the five p~`ograms. The pity selected AIR, Inc, for the implementation of the homeownership programs including the Single Family and Historic condo. They are responsible for the acquisit~.on, rehabilitation and resale of the - foreclaed units. These homes gill be sold to families with incomes up to ~.2 D percent of the area median ~AMI } . Ta date, there are nine single-~ family homes in various stages of acquisition and rehabilitation that will be sold to qualifying families. orange Hauling Development orparation ~OHDC} was selected far the implementation a~ the Multifamily AcquisitianlRehab Program. As required by NP, these units will be targeted at households at our below 5~ percent ANSI. AHD is actively seeping foreclosed multi-family properties. Raitt street Infill site civic tenter Barrio Housing orparation ~~BHC} is proposing to construct an 11-unit affordable housing project comprised of three triplexes and two single fam~.ly units. The project will be integrated with BH's existing 1~~unit development to the north. Plans are proceeding through the i.ty's site plan review process, while the developer continues praforma preparation and lender negotiations. This material w~.ll form the basis of a Disposition and Development Agreement, which is anticipated to be considered in late summer of 2~~9. _ F Year-Fnd Report far Ha~sing Division ~'~oj ects and Activities September 8, 2009 gage 5 1000 Bloch of ~ Cogan The Logan ~.n.fi.ll project consists of the de~relopment of three single family homes. grange our~ty community dousing corporation and its general contractor, Taller fan base, corrreced construction in December Z00 The hoes will be Bald to first-time homebuyers with incomes at or below 80 percent of the area Median. The three-bedroom hope i expected to sell for $170,000 and the two, four-bedroom homes gill sell far $x.70, 000 each. Two workshops for prospective buyers were held in ~ur~e of 200, and ~ lottery was conducted on aturda~r, ~7uly 11, 2009, to select the homebuyers . construct~.on for all three homes is on schedu~.e and is slated far completion in Septe~.ber 2009. R I IN~c Fa dden an January 2009, the city council and community Redevelopment Agency approved a Dispasit~.on and Development Agreement with RI McFadden, I,Lc far development of two parcels at the corner of McFadden and grange. The project consists of two single-family residences, one being a 1, 9~8 square feet, 4-bedrao~n hoer and the other a 1, X21 square feet, ~-bedroom ' . name. The homes were constructed in 1~5-days and will be sold through a t lottery process to be held in early September. FI~~L IMFA~` Y There is no fiscal impact associated with th~.s notion. ~ YID ,r,r:~ _ -r/ Shelly Landry-Bayne Housing `L~lanager community De~el.opment Agency J~~LB~JPH~r