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City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
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<br />Note 2 – Cash and Investments (Continued)
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<br />H. Investment in San Mateo County Investment Pool (Continued)
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<br />Included in the County Pool’s investment portfolio are US Treasury Notes, Obligations issued by agencies of the
<br />United States Government, LAIF, Corporate Notes, Commercial Paper, collateralized mortgage obligations,
<br />mortgage-backed securities, other asset-backed securities, and floating rate securities issued by federal agencies,
<br />government-sponsored enterprises, and corporations. The fair value factor of 1.01103 was used to calculate the fair
<br />value of the investments in the County Pool. At June 30, 2025, the total amount invested by all public agencies in
<br />the County Pool was approximately $9.0 billion.
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<br />Note 3 – Loans Receivable
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<br />As of June 30, 2025, loans receivable consists of the following:
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<br />Loans Allowance for Loans Unavailable Revenue
<br />Receivable Doubtful Accounts Receivable, Net Accrued Interest
<br />Wyndham Place First Time Homebuyer Loan Program 121,496$ -$ 121,496$ -$
<br />First Time Homebuyer Silent Loan Program 69,969 - 69,969 -
<br />Loans with Non-profits and For Profit Organizations 1,133,153 - 1,133,153 -
<br />Housing Rehabilitation Loans 674,724 - 674,724 -
<br />353 Main Project 3,150,000 - 3,150,000 378,000
<br />612 Jefferson 898,503 - 898,503 109,002
<br />First Community Housing Loan 2,627,000 - 2,627,000 1,542,597
<br />Police Activities League Loan 214,286 - 214,286 -
<br />Kainos Home and Training Center Loans 1,893,222 (1,893,222) - -
<br />HIP Housing Development Corporation Loan-Willow 92,197 - 92,197 33,471
<br />HIP Housing Development Corporation Loan-Oxford 103,600 - 103,600 -
<br />HIP Housing Development Corporation Loan-Pine Hilton 46,415 - 46,415 -
<br />Mental Health Association of San Mateo County Loan 600,000 - 600,000 -
<br />Mezes Court Association 169,377 - 169,377 37,130
<br />Stafford Loan 1,577,750 - 1,577,750 379,179
<br />Mid-Pen Housing-Mosaic Garden 1,084,472 - 1,084,472 240,619
<br />Redwood Oaks Associates 500,000 - 500,000 169,880
<br />Stambaugh Apartments 1,199,999 - 1,199,999 2,367
<br />Total 16,156,163$ (1,893,222)$ 14,262,941$ 2,892,245$
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<br />Wyndham Place First Time Homebuyer Loan Program
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<br />The City established a First Time Homebuyer Program during fiscal year 1995 on a specific development sponsored by
<br />the former Redevelopment Agency called Wyndham Place. The program currently involves the resale of Wyndham
<br />units where the City has First Right of Refusal. The City exercises its First Right of Refusal and markets the units to
<br />qualified buyers. A portion of the City’s Shared Appreciation is used to assist the new buyer in the Resale Program.
<br />While the initial program in 1995 made 0% interest loans, current buyers in the Resale Program are assisted according
<br />to the needs of the borrower. Depending on the borrower’s ability to secure private financing for a first mortgage, the
<br />City loan is underwritten based on the borrower’s spendable income.
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<br />These loans bear no interest and are secured by second deeds of trust on the property, and typically, no payments are
<br />due until five years after the date of purchase. As of June 30, 2025 the City has outstanding loans of $121,496 to five
<br />Wyndham Place buyers.
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