Detailed information for these loans is as follows:
| Project Name | Accrued Principal Balance Outstanding | Unpaid Interest Outstanding | Total Outstanding as of June 30, 2025 | Interest Rate | Maturity Date | Notes |
|---|---|---|---|---|---|---|
| Home Improvement Loans | 324,466 | - | 324,466 | N/A | N/A | (1),(2) |
| Portola Palms Mobile Home Park | 62,891 | 1,887 | 64,778 | 3.00% | 30 years | (3) |
| Desert Rose | 2,465,156 | 73,955 | 2,539,111 | 3.00% | 30-45 years* | (1),(3) |
| Falcon Crest | 3,003,562 | 90,107 | 3,093,669 | 3.00% | 30-45 years* | (1),(2) |
| Acquisition, Rehabilitation, Resale | 190,510 | 5,715 | 196,225 | 3.00% | 30-45 years | (2) |
| Habitat for Humanity | 327,000 | 9,810 | 336,810 | 7.25% | 30 years or 2024 | (2) |
| 6,373,585 | 181,474 | 6,555,059 |
Less: Allowance for Doubtful Accounts (6,555,059)
Balance at June 30, 2025 $ -
* All properties acquired from the former Redevelopment Agency after June 2009 will have a 45 year restrictive covenant and are secured by a deed of trust.
(1) Portion of deferred loans are from funding sources other than Housing Authority.
(2) Loan is payable upon change or transfer of title, refinancing or upon the death of the borrower.
(3) Loan balance and interest will be forgiven at maturity if debtor does not breach the terms and
conditions of either the unit regulatory agreement or note.
The composition of interfund balances as of June 30, 2025, was as follows:
| Receivable Fund | Payable Fund | Amount |
|---|---|---|
| General Fund | Other Governmental Funds | $ 84,095 |
The amounts loaned from the General Fund to non-major governmental funds and capital properties were to cover cash shortfall at year end as of June 30, 2025.
| Receivable Fund | Payable Fund | Amount |
|---|---|---|
| General Fund | Other Governmental Funds | $ 709,000 |
| Other Governmental Funds | Desert Willow Golf Course | 1,598,773 |
| $ 2,307,773 |
The General Fund advanced $709,000 to the Energy Independence Special Revenue Fund to payoff the bonds used to fund energy efficiency. The advance to the Energy Independence Special Revenue Fund is repaid as the Energy Independence Program (EIP) loans are repaid. See Note 3 for more information on these loans.