Notes to SEFA
Title: Section 223f Loan Balance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Christian Benevolent Outreach, Inc., Sayre Christian Village Apartments, HUD Project No. 083-11103, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Section 223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects loan balance as of September 30, 2023 was $3,976,264.