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HOUSING FOR NEW HOPE, INC.
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> AUGUST 31, 2011 AND 2010
<br /> Note 6—Notes Payable
<br /> Notes payable consist of the following at August 31:
<br /> 2011 2010
<br /> Note payable to the City of Durham,interest free,forgiven in annual
<br /> principal installments of$3,500,through September 2015;secured by
<br /> a deed of trust on property $ 14,000 $ 17,500
<br /> Note payable to the City of Durham,interest free,with monthly principal
<br /> payments of$260,through October,2015;secured by a deed of trust
<br /> on property 10,894 14,270
<br /> Note payable to the County of Durham,interest free,with annual principal
<br /> payments of$3,820,through January 2011;secured by a deed of trust
<br /> on property - 494
<br /> Note payable to City of Durham,interest free,due in monthly principal
<br /> payments of$342,matures on July 1,2035;secured by deed of trust
<br /> on property 97,626 102,079
<br /> Note payable to North Carolina Housing Finance Agency in the amount
<br /> $182,800,which consists of the following:
<br /> $107,800 for 30 years,matures on September 30,2035,payment
<br /> in monthly installments of$300,no interest 86,238 90,131
<br /> $75,000 for 30 years which is deferred for 20 years until
<br /> September 2026,and forgivable by 10%per year for 10 years 75,000 75,000
<br /> Note payable to North Carolina Housing Finance Agency,interest free,
<br /> forgiven annually at 10%after twenty years(March 2027) 154,170 154,170
<br /> Note payable to City of Durham,interest free,forgiven annually at 10%
<br /> after twenty years(June 2026) 140,155 140,155
<br /> Note payable to City of Durham,interest free,forgiven in annual principal
<br /> installments of$22,600 through April 2030 429,400 452,000
<br /> Note payable to RBC in the amount of$316,000,interest at 3%,payable in
<br /> monthly installments of$1,340,matures May 26,2030 with balloon
<br /> payment of$139,446 due on that date 307,411 314,028
<br /> Note payable to North Carolina Housing Finance Agency in the amount of
<br /> $191,938,interest at 0%,payable in full on January 1,2040 191,938 -
<br /> Total notes payable - 1,506,832 1,359,827
<br /> Less: current portion (43,324) (21,423)
<br /> $ 1,463,508 $ 1,338,404
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