Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate.
Mortgage Insurance for the Purchase or Refinancing of Existing
Multifamily Housing Projects - (Assistance Listing No. 14.155)Balance of mortgage note payable as of October 1, 2022, under
Section 207 pursuant to Section 223(f) of the National Housing Act. The balance of the HUD Section 207 pursuant to Section 223(f) mortgage note payable at
September 30, 2023 is $1,252,010.