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<br />Redevelopment Agency of the City of Redwood City <br />Notes to Basic Financial Statements, Continued <br />For the year ended June 30,2005 <br /> <br />3. LOANS RECEIVABLE <br /> <br />As of June 30, 2005, loans receivable consist of the following: <br /> <br />First Time Homebuyer Loan Program <br />City Centre Plaza Loans <br />First Time Homebuyer Silent Loan Program <br />Housing Rehabilitation Loans <br />Loans with for Profit Organizations <br />Total <br /> <br />$ 276,752 <br /> 1,692,383 <br /> 1,371,600 <br /> 141,226 <br /> 650,000 <br />$ 4,131,961 <br /> <br />A. First Time Homebuyer Loan Program <br /> <br />The Agency established a First Time Homebuyer Program during fiscal year 1995. Under the Program the <br />Agency offers first time home buyers, who qualify as having low and moderate incomes, financial <br />assistance in the purchase of a home within the City of Redwood City. These loans bear no interest and are <br />secured by third deeds of trust on the property. No payments are due until five years after the date of <br />purchase. At June 30, 2005 the Agency had loaned $276,752 to 13 buyers. Since these loans are not <br />currently available for expenditure, fund balance has been reserved in this amount. <br /> <br />B. City Centre Plaza Loans <br /> <br />The Agency sold several parcels of land to the developers of the City Centre Plaza project for $1,700,000 in <br />1996 payable as discussed in Note 9c. The outstanding balance at June 30, 2005 was $1,692,383. <br /> <br />C. First Time Homebuyer Silent Loan Program <br /> <br />In 2000, the Agency established a First Time Homebuyer Silent Loan Program. Loans are deferred for the <br />first 5 years, and then amortized at 4 % interest over the remaining 25 years. An Equity Participation <br />requirement shares appreciation based on the amount of the Agency's original loan amount. At June 30, <br />2005 the Agency loaned $2,171,600 to 22 homebuyers. The outstanding balance at June 30, 2005 was <br />$1,371,600. Since these loans are not currently available for expenditure, fund balances have been reserved <br />in this amount. <br /> <br />D. Housing Rehabilitation Loans <br /> <br />The Agency has two outstanding loans for housing rehabilitation in the amount of $141,226. Other funds <br />allocated under this program provided grants for the removal of lead based paint hazards. <br /> <br />E. Loans with for Profit Organizations <br /> <br />The Agency has loaned $650,000 to Hallmark Apartments LLP. <br /> <br />25 <br />