Notes to SEFA
Title: Note 3 - Mortage
Accounting Policies: The schedule of expenditures and federal awards (the “Schedule”) includes the federal award activity
of Longfellow Avenue Housing Development Fund Company, Inc., HUD Project No. 012-11385
under programs of the federal government for the year ended September 30, 2021. 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 (Uniform Guidance). Because the Schedule presents only a
selected portion of the operations of Longfellow Avenue Housing Development Fund Company, Inc.,
it is not intended to and does present the financial position, changes in net deficit, or cash flows of
Longfellow Avenue Housing Development Fund Company, Inc.
De Minimis Rate Used: N
Rate Explanation: Longfellow Avenue Housing Development Fund Company, Inc. has elected not to use the ten
percent de minimis indirect cost rate as allowed under Uniform Guidance.
Longfellow Avenue Housing Development Fund Company, Inc. has a loan guaranteed by HUD and
the outstanding balance of the loan at September 30, 2021 is $8,096,249.
Federal Grantor / Pass-through
Grantor / Program or Cluster Title
CFDA
Number
Pass-through
Entity
Identifying
Number
Amount
Provided to
Subrecipients
Federal
Expenditures
U.S. Department of Housing &
Urban Development
Section 223 (f) Mortgage
Insurance Program
14.155 N/A $ - $ 8,242,949
Section 8 Project-based cluster:
Section 8 Housing Assistance
Payments Program 14.195 N/A $ - 1,440,174
Total Expenditures of Federal
Awards $ 9,683,123