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Redevelopment Agency of the City of Redwood City 6.1. B. - Page 186 <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2011 <br /> 3. LOANS RECEIVABLE, Continued <br /> B. Citi� Centre Plaza Loc�ns <br /> T11e Ageilcy sold several parcels of land to t11e developers of the City Centre Plaza project for $1,700,000 <br /> in 1996 payable as discussed in Note 9C. The outstanding balance at Jtuze 30, 2011 was $1,665,649. <br /> C. First Tinie Honiebu�er Silerrt Loari Program <br /> In 2000, the Agency establislled a First Tin1e Honlebuyer Sileilt Loan Prograin. Loans are deferred for <br /> the first five years, and then anlortized at 4% interest over the renlaining 25 years. An Equity <br /> Participation requirenlent sllares appreciation based on the amowlt of the Agency's original loan <br /> amount. At June 30, 2011 the Agency had outst��duzg lo�1s uz the anlow�t of $557,005. <br /> D. Housing Relzabilitatiori Loans <br /> T11e Agency has outstanding loans for housing rehabilitation in fl1e anlount of $186,654. Other funds <br /> allocated under this progranl provided grants for $Ze removal of lead based pault 1lazards. <br /> E. First Coynmuyiity Hoitsi�ig Loan <br /> The Agency entered into an agreement with First Community Housing whereUy $2,427,000 fronl the <br /> Redevelopnlent Agency Low and Moderate Housing Fund was loaned to First Community Housing for <br /> construction of the Villa Montgomery housing development at El Camino and Vera Avenue. T11e 1oa11 <br /> bears interest at 3% for 40 years. The loan will be repaid annually from 70% of t11e Projects net cash <br /> flow. <br /> F. Loaris with For-Profit Orgayiizntions <br /> In Decenll�er 2003, the Agency loaned Hallnlark Apartrnents LLP $150,000 for the repair and <br /> rehabilitation of housing units. The loan is deferred for the first 30 years, and then anlortized at 3% <br /> ulterest over t11e renlainuzg 25 years. <br /> In July 2003, the Agency loaned MP Redwood Court Association $500,000 for the repair and <br /> rehabilitation of housuzg units. T11e loan is non interest bearing and deferred for 55 years. As of June 30, <br /> 2011, the remaining loa�z balance was $483,153. <br /> so <br />