Notes to SEFA
Title: Note C Hud Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Princoples , and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Highland Terrace has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 223/207 of the National Housing Act. The loan balance outstanding at the beginning of the year of $1,865,354 plus no additional loans is included in the fedxeral expenditures presented int he Schedule. The balance of the loan outstanding at June 30, 2023 under the Mortgage Insurance for the Refinance of Multi-Family Projects was $1,819,587.