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6.1.E. - Page 79 , <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2015 <br /> NOTE 3-LOANS RECEIVABLE(CONTINUED) <br /> at which time the City would receive repayment of the loan plus any accrued equity based on the <br /> prorated City share. <br /> In 2012-13, the City entered into an 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 /> The loans to Kainos Home and Training Center are intended to be forgiven upon maturity, and <br /> therefore, an allowance for uncollectible loans has been set up in the amount of$1,493,222. <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, 2015 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 5th Avenue in Redwood City. The loan is deferred for a term of 30 years at 0% <br /> interest. <br /> 50 <br />