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). The balance of the HUD Section 207 pursuant to Section 223(f) mortgage note payable at December 31, 2023 is $1,620,996.