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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2014 NOTE 3 — LOANS RECEIVABLE (Continued) At June 30, 2014, the City was owed, in the General Fund, $139 for assistance to close escrow related to property acquisition. At June 30, 2014, the City was owed, in the General Fund, $1,150,000 for a loan made by the City to the San Leandro Unified School District related to property acquisition. The loan is for purchase of a property in the City that will be used to directly support the educational and administrative function of the District. The loan is evidenced by a promissory note with a term of 15 years and is to be repaid in full on August 1, 2028. The interest rates range from 1.5% to a maximum of 5%. At June 30, 2014, the City was owed, in its Low/Moderate Asset Housing Fund, $8,678,013 which includes (1) loans made to the City property owners who meet the HUD requirements for financial assistance for property improvements and first time home buyer loans; (2) a loan made to Ruth Rogers and Sara Bagwell; (3) a loan made to Eden Housing, Inc.; (4) a loan made to San Leandro Senior Housing; (5) a loan made to Citizens' Housing Corporation for property improvements; and (6) a loan made to Mercy Housing for the construction of the Casa Verde. Because the notes do not meet the City's availability criteria for revenue recognition, the City has deferred the revenue related to these loans. Revenues are recognized in the year of repayment. Loans are secured by trust deeds. In the Government - Wide Financial Statement, $589,940 of the receivable was reduced by allowance for uncollectible loans. At June 30, 2014, the City was owed, in its Community Development Block Grant Special Revenue Fund, $736,579 for various housing assistance loans made by the City. The terms of repayment vary. Because the notes do not meet the City's availability criteria for revenue recognition, the City has deferred the revenue related to these loans. Revenue is recognized in the year of repayment. The loans are secured by trust deeds. In the Government -Wide Financial Statement, $681,305 of the receivable was reduced by allowance for uncollectible loans. At June 30, 2014, the City was owed, in its HOME Special Revenue Fund, $3,235,000 for a housing assistance loan made by the City to Citizens' Housing Corporation. The terms of repayment vary. Because the note does not meet the City's availability criteria for revenue recognition, the City has deferred the revenue related to this loan. Revenue is recognized in the year of repayment. The loan is secured by trust deeds. At June 30, 2014, the City was owed, in its Housing In -Lieu Special Revenue Fund, $637,000 for a housing assistance loan made by the City to the Estabrook Senior Housing for low -moderate housing construction. The terms of repayment vary. Because the note does not meet the City's availability criteria for revenue recognition, the City has deferred the revenue related to this loan. Revenue is recognized in the year of repayment. The loan is secured by trust deeds. M