Laserfiche WebLink
6.G. - PaZff Reej Of $i7 <br />City <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2018 <br />NOTE 3 - LOANS RECEIVABLE (CONTINUED) <br />1. HIP Housing Development Corporation (HHDC) Loan <br />In March 2013, the City entered into an agreement with HHDC whereby $92,197 from HOME investment <br />Partnership Act (HOME) funds were loaned to assist in the rehabilitation of a 12 unit apartment building <br />located at 1157-1161 Willow Road in Menlo Park. The loan is deferred for a term of 30 years at 3% <br />interest. The outstanding balance of the loan at June 30, 2018 was $92,197. <br />In August 2015, the City entered into an agreement with HHDC whereby $103,600 from HOME <br />investment Partnership Act (HOME) funds were loaned to assist in the rehabilitation of rental housing <br />property located at 1505-1509 Oxford Street in Redwood City. <br />J. 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 />In 2016-2017, the City entered into a second agreement with MHA whereby an additional $200,000 <br />from Community Development Block Grant (CDBG) was loaned for the property located at 105 5th <br />Avenue in Redwood City. The loan is deferred for a term of 30 years at 0% interest. <br />K. Mezes Court Association <br />The City entered into an agreement with Mezes Court Associates on November 24, 2015 whereby <br />$259,757 from Community Development Block Grant was loaned to acquire property at 950 Main Street <br />for affordable rental housing as set forth in the loan agreement evidencing the loan. The loan accrues <br />interest from December 1, 2016 at the rate of two percent (2%) annual, simple interest for 57 years. <br />Principal and interest are payable in full on the date which 57 years from the date of recordation of the <br />Deed of Trust or the date of sale of property. <br />L. Stafford Loan <br />In June, 2017, the City entered into an agreement with HHDC whereby $1,577,750 from the City's <br />Affordable Housing Fund and HOME and CDBG grant programs were loaned to assist with the acquisition <br />of real property located at 1512 Stafford Street in Redwood City. The loan is deferred for a term of 55 <br />years at 3% interest. The outstanding balance of the loan at June 30, 2018 was $1,577,750. <br />M. Mid -Pen Mosaic Garden Loan <br />In February, 2018, the City entered into an agreement with MP Mosaic Garden Associates, L.P., whereby <br />$1,100,000 from the City's Affordable Housing Fund to refinance property located at 3752-3770 Rolison <br />Road in the City of Redwood City to be used to provide rental housing to Low Income Household, Very <br />Low Income Households, and Extremely Low Income Households. The loan is deferred for a term of 55 <br />years at 3% interest. The outstanding balance of the loan at June 30, 2018 was $1,100,000. <br />57 263 <br />