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Year End Reporting for Housing Division <br />Projects and Activities <br />August ~a, ~oo~ <br />Page 2 <br />Program, Federal Empowerment Zone Forgivable Loan Program, CalHome Mobile <br />Home Rehab Loan Program, and CalHome Replacement Loan Program. <br />The Housing Division. reviews applications to determine which program best <br />fits the needs of the applicants. Applications are mailed out and <br />received for these programs on a continuing basis. Chart 1 shows the <br />number of applications sent out by type this fiscal year. <br />Loan Underwriting and Approval Process <br />In this process staff reviews applicant <br />eligibility, verifies income and assets, Chart 2 Loans in Underwriting <br />oversees underwriting, conducts an ADD11 single <br />inspection of the unit, and prepares a work Pam <br />write up to determine rehabilitation work Owner <br />to be performed. Due to the complex funding occspied <br />requirements, applicants may be in <br />~ <br />underwriting as long as several months . It Mobiie <br />~~ <br />is largely determined by the applicant's Home <br />submittal of the necessary paperwork. Once Rehab/ <br />Replace <br />approved, staff prepares all necessary loan ment7 <br />documents, makes arrangements for <br />execution, and reserves the required loan <br />funds. Chart 2 indicates the number of loans <br />in underwriting as of June. <br />Chan 3 Loans Approved <br />~ ,__.__. _,_,.,_..... ,__._. .__,.__._~ Chart 3 reflects the <br /> total number of loans <br />,~ <br />~ <br />? _ <br />~ approved this fiscal year <br />~~~" <br />- by type of loan and <br />'0 't - <br />...... X80%AMI i-ncome level. Twenty- <br />$ F _ _ ®50%AMI <br />three loans were funded <br />~ ~T ___ ___ ~®so°~°AMi during the fiscal year. <br />4 r <br />2 ...: '\ <br /> <br />° .~.... <br />.. <br />Single Family Mobile Home Mobile Ho me Homebuyer <br />Rehabilitation Replacement Rehabilitation Program <br />" a <br />:yyr <br />.. <br />