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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2024 NOTE 3 – LOANS RECEIVABLE (Continued) At June 30, 2024, the City was owed in its Affordable Housing Asset Special Revenue Fund, $20,396,184 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; (6) a loan made to Mercy Housing for the construction of the Casa Verde; and (7) a loan to Washington LLP to develop a 72 unit multifamily residential apartment building. The total loan receivable amount was reduced by an allowance for uncollectible loans in the amount of $19,816,853 leaving a balance of $579,331 as of June 30, 2024. At June 30, 2024, the City was owed in its Community Development Block Grant (CDBG) Special Revenue Fund, $559,441 for various housing assistance loans made by the City. The terms of repayment vary. The entire loan receivable was reduced by an allowance for uncollectible loans. At June 30, 2024, the City was owed in its HOME Special Revenue Fund, $4,196,114 which includes (1) two housing assistance loans made by the City to Citizens’ Housing Corporation; (2) a loan made to Estabrook Senior Housing for construction of a senior housing facility; (3) a loan made to Hello Housing for the rehabilitation of a single family home; (4) a housing assistance loan made to Allied Housing. The terms of repayment vary. All of the loans receivable were reduced by allowance for uncollectible loans. At June 30, 2024, the City was owed in its Housing In-Lieu Special Revenue Fund, $723,711 for a housing assistance loan made by the City to the Estabrook Senior Housing for low-moderate housing construction. The terms of repayment vary. The entire loan receivable was reduced by allowance for uncollectible loans. At June 30, 2024, the City was owed in its Shoreline Enterprise Fund, $26,416,951, including $1,533,993 in accrued interest, for a seller-financed loan made by the City to Cal-Coast Companies LLC (Developer), for the purchase of land to be utilized for the Shoreline Project. Cal-Coast made interest payments throughout the fiscal year, but at the end of 2023, the Developer went into default on the loan due to nonpayment of interest, causing the loan principal and interest to be due immediately. See Note 19 for further details. 59