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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, 2008 <br /> <br />2. CASH AND INVESTMENTS, Continued <br /> <br />All cash and inveshnents are stated at fair value. Pooled inveshnent eanlings are allocated monthly based <br />on the average cash and investment balances of the various funds and related entities of the City. Cash and <br />investments available for operations amounted to $8,495,078 as of June 30, 2008. Restricted cash and <br />investments at June 30, 2008 amounted to $3,510,151. <br /> <br />See the City's Comprehensive Annual Financial Report for disclosures related to cash and investments and <br />the related custodial risk categorization. <br /> <br />3. LOANS RECEIVABLE <br /> <br />As of June 30, 2008, loans receivable cons~ted of the following: <br /> <br />First Time Homebuyer Loan Program <br />City Centre Plaza Loans <br />First Time HOOlebuyer Silent Loan Program <br />Housing Rehabilitation Loans <br />First Community Housing Loans <br />Loans with for Profit Organizations <br /> <br />Total <br /> <br />$ 268,901 <br />1,695,011 <br />1,082,692 <br />127,426 <br />2,427,000 <br />633,153 <br /> <br />$ 6,234J83 <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 <br />the 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 <br />are secured by third deeds of trust on the property. No payments are due until five years after the date <br />of purchase. At June 30, 2008 the Agency had loaned $268,901. Since these loans are not currently <br />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 <br />in 1996 payable as discussed in Note 9C. The outstanding balance at June 30, 2008 was $1,695,011. <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 <br />the first five years, and then amortized at 4% interest over the remaining 25 years. An Equity <br />Participation requirement shares appreciation based on the amount of the Agency's original loan <br />amount. At June 30, 2008 the Agency had outstanding loans in the amount of $1,082,692. Since these <br />loans are not currently available for expenditure, fund balances have been reserved in this amount. <br /> <br />D. Housing Rehabilitation Loans <br /> <br />The Agency has two outstanding loans for housing rehabilitation in the amount of $127,426. Other <br />funds allocated under this program provided grants for the removal of lead based paint hazards. <br />2& <br />