Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes thefederal award activity of College Town Apartments, HUD Project No. 136-11047, under programs ofthe federal government for the year ended December 31, 2022 The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards ("Uniform Guidance"). Because the Schedule presents only a selected portion of theoperations of College Town Apartments, it is not intended to and does not present the financialposition, changes in net assets, or cash flows of College Town Apartments. For the year endedDecember 31, 2022, no awards were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3352508.