AgdaPkt 2009-12-14 - Laserfiche WebLink

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6.1 B - Attachment No. 4 NOTE 2—CASH AND INVESTMENTS(CONTINUED� backed securities, other asset-backed securities, and floating rate securities issued by federal agencies, government-sponsored enterprises, and corporations. NOTE 3-LOANS RECEIVABLE As of June 30,2009, loans receivable consist of the following: Wyndham Place First Time Homebuyer Loan Program 604,603 City Centre Plaza Loans 1,685,718 First Time Homebuyer Silent Loan Program 1,022,495 Loans with Non-profits and For Profit Organizations 1,133,153 Housing Rehabilitation Loans 2,518,737 City Attorney Housing Assistance Loan 115,126 Shores Childcare Loan 2,379,794 Parking Fund Loan 1,300,000 First Community Housing Loan 2,627,000 PAL Loan 357,143 Kainos Home and Training Center Loan 57,500 Total $ 13 8 1 269 A. Wyndham Place First Time Homebuyer Loan Program The City established a First Time Homebuyer Program during fiscal year 1995 on a specific development sponsored by the Redevelopment Agency called Wyndham Place. The program currently involves the resale of Wyndham units where the City has First Right of Refusal. The City or Agency exercises its First Right of Refusal and markets to solicit qualified buyers. A portion of the City and Agency's Shared Appreciation is used to assist the new buyer in the Resale Program. While the initial program in 1995 made 0%interest loans,current buyers in the Resale Program are assisted according to the needs of the Borrower.Depending on the Borrower's ability to secure private financing for a first mortgage, the City and Agency loan is underwritten based on the Borrower's spendable income. These loans bear no interest and are secured by second deeds of trust on the property, and typically, no payments are due until five years after the date of purchase. As of June 30, 2009 the Agency has outstanding loans of$257,962 to nine Wyndham Place buyers, while the City has loaned $346,641 from the HOME Investment Partnership Block Grant, Community Development Block Grant (CDBG), and Rental Rehabilitation Program(RRP) funds to seven Wyndham Place homebuyers. Since these loans are not currently available for expenditure,fund balance has been reserved in this amount. B. City Centre Plaza Loans The Redevelopment Agency sold several parcels of land to the developers of the City Centre Plaza project (a residential and commercial development) for $1,700,000 in 1996. The developers constructed City Center Plaza, which contains 81 affordable housing units, a childcare facility, residential and commercial parking,and 17,900 square feet of retail space. The promissory note from Mezes Court 40