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Quarterly Report for Housing Division <br />February 7, 2017 <br />Page 2 <br />Table 1: Applications Sent Out, Received & Approved <br />Inquiries <br />Applications <br />Applications <br />Applications <br />Program <br />Sent Out <br />Received <br />Approved <br />Q2 <br />Total <br />Q2 <br />Total <br />Q2 <br />Total <br />Q2 <br />Total <br />FY <br />FY <br />FY <br />FY <br />Single -Family Rehabilitation <br />15 <br />30 <br />20 <br />35 <br />1 <br />2 <br />0 <br />0 <br />Mobile Home Rehabilitation <br />12 <br />26 <br />15 <br />27 <br />2 <br />3 <br />1 <br />2 <br />Multi -Family Rehabilitation <br />2 <br />6 <br />0 <br />1 <br />0 <br />0 <br />0 <br />0 <br />Historic Home Restoration <br />0 <br />0 <br />2 <br />2 <br />0 <br />0 <br />0 <br />0 <br />Homeownership <br />30 <br />30 <br />30 <br />1 30 <br />0 <br />2 <br />0 <br />0 <br />Rehabilitation Loan Underwriting and Approval Progress <br />For our rehabilitation loans, staff reviews applicant eligibility, verifies income and assets, and <br />oversees underwriting to ensure compliance with program guidelines and requirements <br />established by the funding source. In addition, staff conducts an inspection of the property, <br />prepares a work write-up to determine rehabilitation work to be performed, and develops a budget <br />for the work. Due to the complex funding requirements, applicants may be in underwriting for <br />several months. The length of time in underwriting is largely determined by the applicant's timely <br />submittal of the necessary paperwork. Once approved, staff prepares all necessary loan <br />documents, makes arrangements for loan execution, and reserves the required loan funds. <br />During this quarter, one mobile home rehabilitation loan was approved and one mobile home was <br />sold to a qualifying family. The mobile home was acquired by the City when the original owner, a <br />participant in the City's mobile home replacement program, passed away and had no <br />beneficieries. In addition, the Single Family Rehabilitation Loan Program was featured on a <br />Telemundo news segment in November. <br />Rehabilitation Program Construction Progress <br />During this phase, homeowners receiving rehabilitation loans are guided through an open <br />selection of contractors to complete the work on their homes. Each homeowner is given a list of <br />contractors that have been screened by staff for license and insurance requirements. However, <br />homeowners are allowed to select any contractor that meets these same requirements. Staff <br />assists the homeowners in the selection of a contractor, monitors the construction work, approves <br />payments to contractors, and tracks expenditures to ensure they do not exceed available funds. <br />At the end of this quarter, there were two homeowner rehabilitation projects out to bid and seven <br />under construction. <br />Downpayment Assistance Program Progress <br />For our downpayment assistance program, staff evaluates applicant eligibility and oversees <br />underwriting to ensure compliance with program guidelines and requirements established by the <br />U.S. Department of Housing and Urban Development (HUD). Applicants must meet established <br />income requirements, complete an eight -hour pre -purchase counseling program from a HUD - <br />approved agency, be pre -qualified for a first mortgage and have a minimum of three percent of <br />the purchase price from their own savings. Other HUD requirements apply, including a current <br />19 D-2 <br />