Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The information on this schedule is prepared on the accrual basis of accounting in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimis cost rate. Instead, the Project has a HUD approved management agreement allowing a per unit per month fee to cover administratve fees as set forth in the agreement.
MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balance outstanding at the end of the audit period was $2,381,600.