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6.A. - Page 84 of 191 CITY OF REDWOOD CITY NOTES TO THE BASIC FINANCIAL STATEMENTS For the Fiscal Year Ended June 30, 2019 NOTE 3 — LOANS RECEIVABLE (CONTINUED) L HIP Housing Development Corporation (HHDC) Loan In March 2013, the City entered into an agreement with HHDC whereby $92,197 from HOME investment Partnership Act (HOME) funds were loaned to assist in the rehabilitation of a 12 unit apartment building located at 1157-1161 Willow Road in Menlo Park. The loan is deferred for a term of 30 years at 3% interest. The outstanding balance of the loan at June 30, 2019 was $92,197. In August 2015, the City entered into an agreement with HHDC whereby $103,600 from HOME investment Partnership Act (HOME) funds were loaned to assist in the rehabilitation of rental housing property located at 1505-1509 Oxford Street in Redwood City. The outstanding balance of the loan at June 30, 2019 was $103,600. J. Mental Health Association of San Mateo County (MHA) Loan In July, 2013, the City entered into an agreement with MHA whereby $400,000 from Community Development Block Grant (CDBG) was loaned to assist with the acquisition of a vacant commercial property located at 105 5th Avenue in Redwood City. The loan is deferred for a term of 30 years at 0% interest. The outstanding balance of the loan at June 30, 2019 was $400,000. In 2016-2017, the City entered into a second agreement with MHA whereby an additional $200,000 from Community Development Block Grant (CDBG) was loaned for the property located at 105 5th Avenue in Redwood City. The loan is deferred for a term of 30 years at 0% interest. The outstanding balance of the loan at June 30, 2019 was $200,000. K. Mezes Court Association The City entered into an agreement with Mezes Court Associates on November 24, 2015 whereby $259,757 from Community Development Block Grant was loaned to acquire property at 950 Main Street for affordable rental housing as set forth in the loan agreement evidencing the loan. The loan accrues interest from December 1, 2016 at the rate of two percent (2%) annual, simple interest for 57 years. Principal and interest are payable in full on the date which 57 years from the date of recordation of the Deed of Trust or the date of sale of property. The outstanding balance of the loan at June 30, 2019 was $169,377. L. Stafford Loan In June, 2017, the City entered into an agreement with HHDC whereby $1,577,750 from the City's Affordable Housing Fund and HOME and CDBG grant programs were loaned to assist with the acquisition of real property located at 1512 Stafford Street in Redwood City. The loan is deferred for a term of 55 years at 3% interest. The outstanding balance of the loan at June 30, 2019 was $1,577,750. M. Mid -Pen Mosaic Garden Loan In February, 2018, the City entered into an agreement with MP Mosaic Garden Associates, L.P., whereby $1,100,000 from the City's Affordable Housing Fund to refinance property located at 3752-3770 Rolison Road in the City of Redwood City to be used to provide rental housing to Low Income Household, Very Low Income Households, and Extremely Low Income Households. The loan is deferred for a term of 55 years at 3% interest. The outstanding balance of the loan at June 30, 2019 was $1,100,000. 56 91