Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Housing Trust Silicon Valley under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of U.S. Office of Title 2 U.S. Code of Federal Regulations, Part 200 (2 CFR 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 Housing Trust Silicon Valley, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Housing Trust Silicon Valley. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS BOND GUARANTEE PROGRAM (21.014) - Balances outstanding at the end of the audit period were 13364203.
Title: Bond Guarantee Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Housing Trust Silicon Valley under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of U.S. Office of Title 2 U.S. Code of Federal Regulations, Part 200 (2 CFR 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 Housing Trust Silicon Valley, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Housing Trust Silicon Valley. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In September 2017, Housing Trust Silicon Valley entered into $25,000,000 financing arrangements with the CDFI Bond Guarantee Program (BGP) through Opportunity Finance Network, a Qualified Issuer. Under this program, the Secretary of the Treasury provides a guarantee for the repayment of the full amount issued to the eligible CDFIs for eligible community or economic development purposes for a period not to exceed 30 years. During the year ended June 30, 2020, Housing Trust Silicon Valley drew down $14,892,380 of this total facility in amortizing debt with terms varying between 9- and 10-year terms under the agreement in order to refinance eligible projects. The total amount included in the schedule of expenditures of federal awards is the July 1, 2021, bonds outstanding of $14,892,380 plus the current year drawdowns of $0. The bond amount outstanding at June 30, 2022, is $13,364,203.