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HUD Section 108 Loan Guarantee Program Application for Senior Center
<br />Applicant: City of San Leandro
<br />4. Ret~ayment Schedule
<br />Below is the City's proposed repayment schedule for the $2.5 million Section 108 loan
<br />request based on a 20 year loan term. For the repayment schedule below, the City
<br />assumes an interest rate based on the current 10 year U.S. Treasury rate, 2.93% (as of
<br />March 3, 2009) plus 75 basis points. The average annual loan repayment will be
<br />$173, 500.
<br />Date Interest Principal P+I Prinicpal Balance
<br />2010 $92,500 $125,000 $217,500 $2,375,000
<br />2011 $87,875 $125,000 $212,875 $2,250,000
<br />2012 $83,250 $125,000 $208,250 $2,125,000
<br />2013 $78,625 $125,000 $203,625 $2,000,000
<br />2014 $74,000 $125,000 $199,000 $1,875,000
<br />2015 $69,375 $125,000 $194,375 $1,750,000
<br />2016 $64,750 $125,000 $189,750 $1,625,000
<br />2017 $60,125 $125,000 $185,125 $1,500,000
<br />2018 $55,500 $125,000 $180,500 $1,375,000
<br />2019 $50,875 $125,000 $175,875 $1,250,000
<br />2020 $46,250 $125,000 $171,250 $1,125,000
<br />2021 $41,625 $125,000 $166,625 $1,000,000
<br />2022 $37,000 $125,000 $162,000 $875,000
<br />2023 $32,375 $125,000 $157,375 $750,000
<br />2024 $27,750 $125,000 $152,750 $625,000
<br />2025 $23,125 $125,000 $148,125 $500,000
<br />2026 $18,500 $125,000 $143,500 $375,000
<br />2D 27 $13,875 $125,000 $138,875 $250,000
<br />2028 $9,250 $125,000 $134,250 $125,000
<br />2029 $4,625 $125,000 $129,625 $0
<br /> 2, 500,000
<br />Avg annual p rincipal & int erest repayment: $173,563
<br />5. Collateral
<br />Per HUD's requirement that the City collateralize the'Section1081oanbeynnd the pledge
<br />of its future CDBG entitlement funds, the City pledges the senior center building as
<br />additional collateral to HUD. The City is not anticipating generating program income
<br />from the senior center.
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