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6.1 B <br /> Page 63 <br /> NOTE 2— CASH AND INVESTMENTS (CONTINUED� <br /> by multiplying its account balance with LAIF times a fair value factor determined by LAIF. The fair value <br /> factor was determined by dividing all LAIF participants' total aggregate fair value by total aggregate <br /> amortized costs by total aggregate fair value. <br /> Accordingly, as of June 30, 2010, the City's investment in LAIF at fair value amounted to $44,219,859 <br /> using a LAIF fair value factor of 1.001643776. The fair value of the City's position in the pool is materially <br /> equivalent to the value of the pool shares. <br /> The City is also a voluntary participant in the San Mateo County Investment Fund that is regulated by <br /> California Government Code Section 16429 under oversight of the Treasurer of the County of San <br /> Mateo. The City reports its investment in the San Mateo County Investment Fund at the fair value <br /> amount provided by County of San Mateo. Included in the San Mateo County Investment Fund <br /> investment portfolio are US Treasury Notes, Obligations issued by agencies of the United States <br /> Government, LAIF, Corporate Notes, Commercial Paper, collateralized mortgage obligations, mortgage- <br /> backed securities, other asset-backed securities, and floating rate securities issued by federal agencies, <br /> government-sponsored enterprises, and corporations. <br /> NOTE 3 - LOANS RECEIVABLE <br /> As ofJune 30, 2010, loans receivable consist ofthe following: <br /> Wyndham Place First Time Homebuyer Loan Program $ 575,681 <br /> City Centre Plaza Loans 1,675,833 <br /> First Time Homebuyer Silent Loan Program 797,260 <br /> Loans with Non-profits and For Profit Organizations 1,133,153 <br /> Housing Rehabilitation Loans 2,441,842 <br /> Shores Childcare Loan 2,255,859 <br /> Parking Fund Loan 1,300,000 <br /> First Community Housing Loan 2,627,000 <br /> PAL Loan 328,571 <br /> Kainos Home and Training Center Loan 57,500 <br /> Total $ 13192,699 <br /> A. Wyndham Place First Time Homebuyer Loan Program <br /> The City established a First Time Homebuyer Program during fiscal year 1995 on a specific development <br /> sponsored by the Redevelopment Agency called Wyndham Place. The program currently involves the <br /> resale of Wyndham units where the City has First Right of Refusal. The City or Agency exercises its First <br /> Right of Refusal and markets to solicit qualified buyers. <br /> A portion of the City and Agency's Shared Appreciation is used to assist the new buyer in the Resale <br /> Program. While the initial program in 1995 made 0% interest loans, current buyers in the Resale <br /> Program are assisted according to the needs of the Borrower. Depending on the Borrower's ability to <br /> secure private financing for a first mortgage, the City and Agency loan is underwritten based on the <br /> Borrower's spendable income. <br /> 40 <br />