Notes to SEFA
Title: Federal Loans
Accounting Policies: This schedule is prepared on the same basis of accounting as the Authority’s financial statements. The Authority uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority was approved by the Department of Commerce to receive a federal loan totaling up to $3,112,193 for construction of the Willapa Center, which is a mixed-use project containing 30 units of affordable housing, a childcare facility which will contain two classrooms and accessory spaces operated by the Raymond School District, and additional space for social service providers. During the year, draws of $125,820 were made on the loan. The December 31, 2023 balance outstanding on this loan was $2,926,794.
The amounts shown as federal expenditures for the USDA Rural Housing Loan program under assistance listing 10.415 represent outstanding loan balances as of the beginning of the period. The loan balance outstanding at December 31, 2023 was $619,672.
The amounts shown as federal expenditures for the HOME Investments Partnership Program under assistance listing 14.239 represent outstanding loan balances for the Eagles Apartments construction completed in prior years. The loan balance outstanding at December 31, 2023 was $557,813.