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Home My WebLink About04 - YrEndHsgDivProjActREQUEST F®R HOUSING AUl'HORITY ACTT®~! MEETING DATE: AUGUST 20, 2007 TITLE: YEAR END REPORT FOR HOUSING DIVISION PROJECTS AND ACTIVITIES EX1=CU IVE DIRECTOR RECOMMENDED ACTION Receive and file. RECORDING SECRETARY USE ONLY; APPROVED ^ As Recommended ^ As Amended CONTINUED TO COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION At its Regular Meeting of August 7, 2007, the Community Redevelopment and Housing Commission recommended that the Housing Authority receive and file this report by a vote of 5:0 {Pedroza, Villasenor absent). DISCUSSION The year end status report for fiscal year 2006-07 provides statistics far the day-to-day affordable housing activities of the City and the Community Redevelopment Agency. The report is divided into four sections: Loan Activity, Loan Portfolio Management, Compliance Monitoring, and Development Projects. Loan Activity Applications The Housing Services Division offers several different programs. The loans offered include first time homebuyer assistance (American Dream Down-payment Assistance, "ADDI"}, rehab loans for owner occupied historzc single family, single family and mobile homes. There are four different mobile home programs: Mobile Home Hardship Forgivable Loan Chart 1 Applications Sent Est Time Homebuyer 9i Mobile Home 46D Single Family Rehab 264 ~} Year End Reporting for Housing Division Projects and Activities August ~a, ~oo~ Page 2 Program, Federal Empowerment Zone Forgivable Loan Program, CalHome Mobile Home Rehab Loan Program, and CalHome Replacement Loan Program. The Housing Division. reviews applications to determine which program best fits the needs of the applicants. Applications are mailed out and received for these programs on a continuing basis. Chart 1 shows the number of applications sent out by type this fiscal year. Loan Underwriting and Approval Process In this process staff reviews applicant eligibility, verifies income and assets, Chart 2 Loans in Underwriting oversees underwriting, conducts an ADD11 single inspection of the unit, and prepares a work Pam write up to determine rehabilitation work Owner to be performed. Due to the complex funding occspied requirements, applicants may be in ~ underwriting as long as several months . It Mobiie ~~ is largely determined by the applicant's Home submittal of the necessary paperwork. Once Rehab/ Replace approved, staff prepares all necessary loan ment7 documents, makes arrangements for execution, and reserves the required loan funds. Chart 2 indicates the number of loans in underwriting as of June. Chan 3 Loans Approved ~ ,__.__. _,_,.,_..... ,__._. .__,.__._~ Chart 3 reflects the total number of loans ,~ ~ ? _ ~ approved this fiscal year ~~~" - by type of loan and '0 't - ...... X80%AMI i-ncome level. Twenty- $ F _ _ ®50%AMI three loans were funded ~ ~T ___ ___ ~®so°~°AMi during the fiscal year. 4 r 2 ...: '\ ° .~.... .. Single Family Mobile Home Mobile Ho me Homebuyer Rehabilitation Replacement Rehabilitation Program " a :yyr .. Year End Reporting for Housing Division Projects and Activities August 20, 2007 Page 3 Construction Process During this phase, staff monitors the construction work, approves payments to contractors, and tracks expenditures to ensure they do not exceed available funds. Multifamily projects often involve additional issues such as compliance with prevailing wage requirements and/or Davis- Bacon. Chart 4 shows the types of units under construction at the end of each quarter of the fiscal year. As of June, there were a total of 246 units underway. Chart 4 Units Underway 300 _....___...___._..___ ` ^ MH Replacement 250 ~ ---_..--------._._.___ ® Renta] Units 200 ~ --.__..._..------------ ._._ ^ SF Rehab MH Rehab 150 --- -- - 100 _- 50 ----- a September December March June Loan Portfolio Management The Housing Division is responsible for residential loan portfolio. As of June, million. This is comprised of 410 loan residual receipts payment loans. The $371,366 in repayments of principal and the fiscal year. Compliance Monitoring ensuring the integrity of the the principal balance was $44.2 s of which 325 were deferred or loan portfolio has generated interest since the beginning of Over the years, the City and Agency have received funds from various State and Federal programs. These funds each have specific restrictions and requirements. The Division is responsible for ensuring that the projects are in compliance with these requirements, and that the units meet the City's municipal code as it relates to health and safety requirements. Monitoring includes case file review, unit inspections, non-profit certifications and onsite auditing. During the year, staff made all required onsite visits to conduct file audits, conducted all Year End Reporting for Housing Division Projects and Activities August 20, 2007 Page 4 required unit inspections, and reviewed the City's own records to ensure compliance with Federal and State guidelines. D~velapment Prajeats/Multi~Family Reha.bilitatian Raitt Street Infill Site Civic Center Barrio Housing Corporation has selected a project architect, Lim Chang Rohling and Associates, and an agreement to fund the design of the project was approved by the City Council in February 2007. Upcoming milestones include the preparation of a site survey, development of an acceptable site plan, pro forma and construction cost estimate. This material will form the basis of a Disposition and Development Agreement (DDA}, which is anticipated to be considered in January of 2008. 1000 Block of N Lo The Logan infill project consists of three vacant lots located at 1006, 1012, and 1015 North Logan Street. Orange County Community Housing Corporation (OCCHC} has now reached an agreement with the Planning and Building Agency concerning site plans, elevation and facades of the three single family homes to be developed on these lots. A full cost analysis is now complete. OCCHC, its partners at Ta11er San Jose and staff are currently negotiating terms to be incorporated into a DDA. Staff anticipates bringing the DDA to the Redevelopment Agency for approval in the fall of 2007. Multi-Site Infill In September 2006, the Housing Division released a Request for Qualifications (RFQ} for the development of thirteen sites throughout the City. The process was initiated by the distribution of a letter to mare than 100 developers. A total of seven Statement of Qualifications were received. A team of staff members has reviewed and rated the submittals. On January 31, the top three were interviewed. Based on the interviews and financial statements, two of the three were asked to provide project specific information. The Olson Corporation was the top rated development team and staff has been authorized to begin negotiations. Year Tnd Reporting for Housing Division Projects and Activities August 20, 2007 Page 5 FISCAL IMPACT There is no fiscal impact associated with this action. elly ndry-Ba le Housing Division Mana r Community Development Agency SGH/SLB/sr 4