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City of Redwood City 7.1.A. - Page 75 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2014 <br /> NOTE 3 - LOANS RECEIVABLE <br /> As of June 30, 2014, loans receivable consist of the following: <br /> Private Purpose <br /> Government -wide Trust Fund <br /> $ $ <br /> Wyndham Place First Time Homebuyer Loan Program 439,383 <br /> City Centre Plaza Loans 371,076 1,073,924 <br /> First Time Homebuyer Silent Loan Program 330,850 <br /> Loans with Non - profits and For Profit Organizations 1,133,153 <br /> Housing Rehabilitation Loans 1,612,292 <br /> Shores Childcare Loan 1,534,452 <br /> First Community Housing Loan 2,627,000 <br /> PAL Loan 221,429 <br /> Kainos Home and Training Center Loans 507,500 <br /> HIP Housing Development Corporation Loan 92,197 <br /> Mental Health Association of San Mateo County Loan 400,000 <br /> Total 9,269,332 1,073,924 <br /> A. Wyndham Place First Time Homebuyer Loan Program <br /> The City established a First Time Homebuyer Program during fiscal year 1995 on a specific development <br /> sponsored by the former Redevelopment Agency called Wyndham Place. The program currently <br /> involves the resale of Wyndham units where the City has First Right of Refusal. The City exercises its <br /> First Right of Refusal and markets the units to qualified buyers. <br /> A portion of the City's Shared Appreciation is used to assist the new buyer in the Resale Program. While <br /> the initial program in 1995 made 0% interest loans, current buyers in the Resale Program are assisted <br /> according to the needs of the borrower. Depending on the borrower's ability to secure private financing <br /> for a first mortgage, the City loan is underwritten based on the borrower's spendable income. <br /> These loans bear no interest and are secured by second deeds of trust on the property, and typically, no <br /> payments are due until five years after the date of purchase. As of June 30, 2014 the City has <br /> outstanding loans of $439,383 to twelve Wyndham Place buyers. <br /> B. City Centre Plaza Loans <br /> The former Redevelopment Agency sold several parcels of land to the developers of the City Centre <br /> Plaza project (a residential and commercial development) for $1,700,000 in 1996. The developers <br /> constructed City Center Plaza, which contains 81 affordable housing units, a childcare facility, residential <br /> and commercial parking, and 17,900 square feet of retail space. The promissory note from Mezes Court <br /> Associate in the amount of $1,445,000 is to be repaid through 2028 from surplus revenues generated <br /> by the housing project and accrued interest at 3 %, with $371,076 due to the City's Low and Moderate <br /> Income Housing Asset Fund, and $1,073,924 due to the Successor Agency Private Purpose Trust Fund. <br /> 47 <br />