Notes to SEFA
Title: NOTE 3 - Federal Loans
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.The amounts shown as current year expenditures represent only the federal portion of the program costs. Actual program costs, including the Housing authority's portion, may be more than shown.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate as covered in 2 CFR ?200.414 Indirect (F&A) costs.
Outstanding loan balances with continuing compliance requirements, including those received and expended in prior years are the following:CDBG Loans:1) City of Tacoma CDBG loan for the Arlington Crisis Residential Center in the amount of $1,300,000 with a loan term from 2018 - 2048. The loan balance as of 12/31/22 is $1,213,333.2) Pierce County CDBG loan for the Arlington Crisis Residential Center in the amount of $435,945 with a loan term from 2019 - 2049. The loan balance as of 12/31/22 is $435,933.ARRA TCAP Loan:1) Washington State Housing Finance Commission Tax Credit Assistance Program (TCAP) loan for the Salishan Seven property in the amount of $11,880,335 with a loan term from 2010 - 2050. The balance as of 12/31/22 is $11,880,335.Both the current and prior year loans are reported on the Schedule of Changes in Long-Term Liabilities.
Title: NOTE 4 - American Recovery and Reinvestment Act (ARRA) of 2009
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.The amounts shown as current year expenditures represent only the federal portion of the program costs. Actual program costs, including the Housing authority's portion, may be more than shown.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate as covered in 2 CFR ?200.414 Indirect (F&A) costs.
Expenditures for this program were funded by ARRA.