CDBG Loan

Print
Press Enter to show all options, press Tab go to next option

In fiscal year 2003, the City received $2,400,000 in Section 108 loan proceeds to assist with the funding for the Balboa Village Improvement Program. The loan is collateralized by future Community Development Block Grant allocations. The original loan was refinanced in fiscal year 2015 lowering the average interest rate from 6.5% to 1.5%. Future principal payments range from $150,000 to $208,000 through June 30, 2023. The outstanding balance at June 30, 2017, amounted to $1,066,000.

The annual amortization requirements of the CDBG Loan

Year End June 30

Principal

Interest

Total

2018

$     150,000

$    19,322

$     169,322

2019

160,000

17,561

177,561

2020

171,000

14,890

185,890

2021

182,000

11,480

193,480

2022

195,000

7,387

202,387

2023

208,000

2,548

210,548

 

$  1,066,000

$   73,188

$ 1,139,188