Notes to SEFA
Title: Loan Outstanding
Accounting Policies: This summary of significant accounting policies of American Opportunity for Housing - La Plaza, LLC is presented to assist in American Opportunity for Housing - La Plaza, LLC’s Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of American Opportunity for Housing - La Plaza, LLC's management, who is responsible for their integrity and objectivity. Basis of Accounting and Presentation. The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations; therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Subrecipients. There were no subrecipients of the Federal Awards received by American Opportunity for Housing - La Plaza, LLC for the year ended December 31, 2022. Indirect Costs . The Organization has not agreed nor declined to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
De Minimis Rate Used: Both
Rate Explanation: The Organization has not agreed nor declined to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
The Project had the following loan balance outstanding at December 31, 2022:
program Title: Mortgage Insurance for the Purchase or Refinancing of
Existing Multi-family Housing Projects. Federal CFDA No. 14.155. Amount Outstanding $2,653,800