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 auditee elected not to use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS - BALANCE OF MORTGAGE LOAN UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT (14.155) - Balances outstanding at the end of the audit period were 2608538. OPERATING ASSISTANCE FOR TROUBLED MULTIFAMILY HOUSING PROJECTS - BALANCE OF THE FLEXIBLE SUBSIDY LOAN (14.164) - Balances outstanding at the end of the audit period were 912022.
Title: SECTION 201 FLEXIBLE SUBSIDY NOTE BALANCE
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 auditee elected not to use the de minimis cost rate.
The balance of Section 201 Flexible Subsidy Note at June 30, 2022 is $912,022.