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City of Redwood City 7.1.A. - Page 77 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2014 <br /> NOTE 3 - LOANS RECEIVABLE (CONTINUED) <br /> PAL agreed that one -half of the amount, or $750,000, will be paid back to the City by PAL over a period <br /> of 15 years. The outstanding balance of the loan at June 30, 2014 was $221,429. <br /> I. Kainos Home and Training Center Loan <br /> In 1997/98, the City entered into an agreement with Kainos Home and Training Center whereby <br /> $57,500 from Community Development Block Grant was loaned to acquire property for Kainos Home <br /> and Training Center. The loan is deferred and payable upon the sale of the property, at which time the <br /> City would receive repayment of the loan plus any accrued equity based on the prorated City share. <br /> In 2012/13 the City entered into a second agreement with Kainos Home and Training Center whereby <br /> $450,000 from HOME grant was loaned to acquire property located at 1033 Redwood Avenue for <br /> special needs housing. The loan is deferred for a term of 30 years at 0% interest. <br /> J. HIP Housing Development Corporation (HHDC) Loan <br /> In March 2013, the City entered into an agreement with HHDC whereby $92,197 from HOME <br /> investment Partnership Act (HOME) funds were loaned to assist in the rehabilitation of a 12 unit <br /> apartment building located at 1157 -1161 Willow Road in Menlo Park. The loan is deferred for a term of <br /> 30 years at 3% interest. The outstanding balance of the loan at June 30, 2014 was $92,197. <br /> K. Mental Health Association of San Mateo County (MHA) Loan <br /> In July, 2013, the City entered into an agreement with MHA whereby $400,000 from Community <br /> Development Block Grant (CDBG) was loaned to assist with the acquisition of a vacant commercial <br /> property located at 105 5 th Avenue in Redwood City. The loan is deferred for a term of 30 years at 0% <br /> interest. <br /> 49 <br />