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City of Redwood City 7.1.A. - Page 103 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2014 <br /> NOTE 18 — RELATED PARTY TRANSACTIONS <br /> In June 2000, the City's former Redevelopment Agency authorized a First Time Homebuyer Program <br /> targeted to City employees and school teachers from the Redwood City Elementary School District. <br /> Under the program, the Agency offered first time homebuyers financial assistance in the purchase of a <br /> home within the City of Redwood City. These loans bear no interest and are secured by third deeds of <br /> trust on the property. No payments are due until five years after the date of purchase. This loan <br /> program is extended to City employees who meet the criteria of the program. As of June 30, 2014, one <br /> employee had a loan due to the City in the amount of $36,139. <br /> 75 <br />