HomeMy WebLinkAboutAgenda Packet - November 30, 1977 - CC 1
CA
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DATE: November 30, 1977
TO: Mayor & City Council
FROM: Edward A. Cooney, Finance Officer
RE: Status Report - Community Development Loan Program
Attached is a status report from Bill Bond and Associates on the 312 Loan
Program through the month of November.
The City's administered loan program has made two loans, one for $3, 000. 00
and one for $2, 000.00. At present, we have no other loans in process, and
we are not seeking new loan applicants, as directed by the Council.
Respectfully submitted,
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ED A A. -•
Finance Office
EAC/jl
Enc - as noted
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BILL BOND & ASSOCIATES, INC. Housing and Community Development Consultants
4432 Hazelbrook Avenue, Long Beach, CA. 90808
Telephone: (213) 421-6673
From: Ralph Moore November 30, 1977
To: Ed Cooney
Subj : 312 Loan Program
Progress Report
The following is an up dated 312 Loan Program progress report
for the month of November, 1977.
PHASE YEAR TO CURRENT
DATE MONTH
1. Inital Screening & Interview : 15 12
2. Inspections & Cost Estimates : 8 8
3. Qualification of Owner:
4. Bid & Award of Contracts :
5. Rehabilitation Work Inspections Completed :
6. Contract Closures :
1. PRELIMINARY SCREENING OF PROSPECTIVE LOAN APPLICANTS .
a. Conduct initialinterview to determine whether owner appears
to meet federal financial requirements for a loan.
b. Collect documents and other information needed to verify
owner' s financial status, credit, value of property, and
condit:.on of title.
2. PROPERTY INSPECTION AND COST ESTIMATE.
a. Inspect dwelling to determine rehabilitation work necessary
to bring it into conformance with the City's building and
safety code.
b. Consult with owner on needed work plus reviewing whatever
additional general property improvements he desires.
c. Draft preliminary write-up and estimate the cost for all
work to be done under the proposed rehabilitation plan.
3. QUALIFYING OWNER FOR A REHABLITATION LOAN.
a. Verify detail of owner' s income and expense statements
plus securing a credit check.
b. Obtain property title report, FHA "as is" appraisal, and
a termite inspection.
c. Make final determination of owner' s eligibility for a 312
loan, and the maximum amount he can afford to borrow.
4 . BID PROCEDURES AND AWARD OF CONTRACT.
a. Prepare final specifications and bid document.
b. Obtain competitive bids and proposals from State licensed
contractors.
c. Finalize and submit formal loan application package to HUD
for approval.
d. Assure that contract agreement between owner and successful
bidder is properly executed and contains such provisions as
are mandated by HUD.
e. Instruct contractor to begin construction.
5. REHABILITATION WORK INSPECTIONS.
a. Conduct compliance inspections to make certain that work
is proceeding in a timely and satisfactory manor.
b. Make interim inspections prior to honoring contractor's
invoices for progress payments.
c. Perform final inspection certifying that the rehabilitation
has been completed in accordance with contract specifications.
6. CONTRACT CLOSURE.
a. Acquire lien releases from sub-contractors (including
product guarantees) .
b. Secure all necessary sign-off documents.
c. Obtain owner' s authorization for final payment release to
contractor.
d. Close out case insuring permanent file contains complete
documentation required for HUD audit purposes.