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City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2012
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<br />59
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<br />NOTE 3 – LOANS RECEIVABLE
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<br />At June 30, 2012, the City had the following loans receivable reported in its Fund Financial Statements:
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<br />Governmental Funds:
<br /> General Fund 139$
<br /> Special Revenue Funds:
<br /> Non Major Funds:
<br /> Community Development Block Grant (CDBG)762,131
<br /> Housing In-Lieu 637,000
<br /> HOME Fund 3,235,000
<br /> Capital Projects Funds:
<br /> Low/Moderate Asset Housing Fund 8,348,777
<br /> Total Governmental Funds 12,983,047
<br />Less: CDBG (698,545)
<br />Less: RDA Low-Moderate (636,728)
<br /> Total Government-wide Financials 11,647,774$
<br />At June 30, 2012, the City was owed, in the General Fund, $139 for assistance to close escrow related to property
<br />acquisition.
<br />At June 30, 2012, the City was owed, in its Community Development Block Grant Special Revenue Fund, $762,131
<br />for various housing assistance loans made by the City. The terms of repayment vary. Because the notes do not meet
<br />the City’s availability criteria for revenue recognition, the City has deferred the revenue related to these loans.
<br />Revenue is recognized in the year of repayment. The loans are secured by trust deeds. In the Government-wide
<br />Financial Statement, $698,545 of the receivable was eliminated.
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<br />At June 30, 2012, the City was owed, in its Housing In-Lieu Special Revenue Fund, $637,000 for a housing assistance
<br />loan made by the City to the Estabrook Senior Housing for low-moderate housing construction. The terms of
<br />repayment vary. Because the note does not meet the City’s availability criteria for revenue recognition, the City has
<br />deferred the revenue related to this loan. Revenue is recognized in the year of repayment. The loan is secured by trust
<br />deeds.
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<br />At June 30, 2012, the City was owed, in its HOME Special Revenue Fund, $3,235,000 for a housing assistance loan
<br />made by the City to Citizens’ Housing Corporation. The terms of repayment vary. Because the note does not meet the
<br />City’s availability criteria for revenue recognition, the City has deferred the revenue related to this loan. Rev enue is
<br />recognized in the year of repayment. The loan is secured by trust deeds.
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<br />At June 30, 2012, the City was owed, in its Low/Moderate Asset Housing Fund, $8,348,777 which includes (1) loans
<br />made to the City property owners who meet the HUD requirements for financial assistance for property improvements
<br />and first time home buyer loans; (2) a loan made to Ruth Rogers and Sara Bagwell; (3) a loan made to Eden Housing,
<br />Inc.; (4) a loan made to San Leandro Senior Housing; (5) a loan made to Citizens’ Hous ing Corporation for property
<br />improvements; and (6) a loan made to Mercy Housing for the construction of the Casa Verde. Because the notes do
<br />not meet the City’s availability criteria for revenue recognition, the City has deferred the revenue related to these loans.
<br />Revenues are recognized in the year of repayment. Loans are secured by trust deeds. In the Government -wide
<br />Financial Statement, $636,728 of the receivable was eliminated.
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