Title: Note 3 - Community Development Financial Institutions Fund Program
Accounting Policies: Note 1: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of National Housing Trust Community Development Fund ("NHTCDF"), under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of National Housing Trust Community Development Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of National Housing Trust Community Development Fund.
De Minimis Rate Used: N
Rate Explanation: Note 2. Indirect Cost Rate 'The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
During the year ended December 31, 2023, NHTCDF had the following federal programs in effect with the Community Development Financial Institutions Fund ("CDFI Fund") Program.
In April 2016, NHTCDF received a loan in the amount of $900,000. Under the agreement, NHTCDF is required to utilize the funds to support its comprehensive business plan. The loan is evidenced by an unsecured promissory note which bears interest at the rate of 2.5% per annum. Interest-only is payable semi-annually in arrears, beginning June 30, 2016. The principal amount shall be due and payable on May 16, 2029. As of December 31, 2023, the principal balance outstanding on the loan was $900,000.
In June 2018, NHTCDF received a loan in the amount of $793,063. Under the agreement, NHTCDF is required to utilize the funds to support its comprehensive business plan. The loan is evidenced by an unsecured promissory note which bears interest at the rate of 1.9% per annum. Interest-only is payable semi-annually in arrears from June 30, 2018 to December 31, 2027. One-sixth of the outstanding principal balance and interest are payable semi-annually in arrears from June 30, 2028 to December 31, 2030. As of December 31, 2023, the principal balance outstanding on the loan was $793,063.
During 2023, an additional $740,000 was awarded to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations.
NHTCDF is utilizing the funds from the program to capitalize a revolving loan fund.
In accordance with presentation requirements, the schedule of expenditures of federal awards includes $60,000 used in accordance with the program during the year ended December 31, 2023.
Title: Note 4 - Capital Magnet Fund Program
Accounting Policies: Note 1: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of National Housing Trust Community Development Fund ("NHTCDF"), under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of National Housing Trust Community Development Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of National Housing Trust Community Development Fund.
De Minimis Rate Used: N
Rate Explanation: Note 2. Indirect Cost Rate 'The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
During 2019, the CDFI Fund awarded a total of $2,524,000 to NHTCDF to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations.
During 2021, an additional $3,900,000 was awarded to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations.
During 2022, an additional $6,000,000 was awarded to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations.
NHTCDF is utilizing the funds from the program to capitalize a revolving loan fund.
In accordance with presentation requirements, the schedule of expenditures of federal awards includes $2,892,533 of amounts committed for use during the year ended December 31, 2023. There were no administrative costs claimed for the Capital Magnet Fund Program to support operations in 2023.
Title: Note 5 - Community Development Financial Institutions Equitable Recovery Program
Accounting Policies: Note 1: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of National Housing Trust Community Development Fund ("NHTCDF"), under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of National Housing Trust Community Development Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of National Housing Trust Community Development Fund.
De Minimis Rate Used: N
Rate Explanation: Note 2. Indirect Cost Rate 'The Organization did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
During 2023, the CDFI Fund awarded a total of $2,478,839 to NHTCDF to assist low- or moderate- income communities and borrowers, including minorities, that have significant unmet capital or financial services needs, and were disproportionately impacted by the COVID-19 pandemic.
In accordance with presentation requirements, the schedule of expenditures of federal awards includes $2,478,839 of amounts expended during the year ended December 31, 2023, in accordance with the terms of the Equitable Recovery Program.