Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Louisiana Housing Corporation under programs of the federal government for the year ended June 30, 2024. The information presented 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Louisiana Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Louisiana housing Corporation.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Assistance
Listing Amount
Program Title Number Provided
Low-Income Home Energy Assistance Program 93.568 $ 77,890,229
Low-Income Household Water Assistance Program 93.499 10,089,940
Weatherization Assistance for Low-Income Persons 81.042 1,713,205
Emergency Solutions Grant Program 14.231 2,006,166
Continuum of Care Program 14.267 16,208,253
Emergency Rental Assistance Program 21.023 763,922
$ 108,671,715
Title: RECONCILIATION TO THE FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Per financial statements:
Grant funds disbursed (non-operating) $ 254,844,099
Less: State grant funds disbursed (non-operating) (4,759,828)
Add: Mortgage loans issued (capitalized) 70,955,937
Add: HUD Risk Sharing Mortgage Loans 103,750
Add: Administrative costs within operating expenses 15,421,998
Total per schedule of expenditures of federal awards $ 336,565,956
Title: PROGRAM INCOME
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with terms of the loans funded under the HOME Program, program income generated during the fiscal year ended June 30, 2024, totaled $1,616,981. The income was comprised of mortgage loan collections of principal and interest. Program income used during the fiscal year ended June 30, 2024, totaled $2,174,882. That amount was used to reduce the amount of federal funds that would have been drawn to fund various single family and multifamily projects. The expenditure of the program income is included in the accompanying schedule of expenditures of federal awards.
Title: COOPERATIVE ENDEAVOR AGREEMENT
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
LRS 33:9022 defines “cooperative endeavor” as any form of economic development assistance between and among the State, its local governmental subdivisions, political corporations, public benefit corporations, the United States government, or its agencies, or any public or private association, corporation, or individual. The term cooperative endeavor includes cooperative financing, cooperative development, or any form of cooperative economic development activity. The Corporation has entered into a cooperative endeavor agreement with the State of Louisiana Office of Community Development (OCD), Disaster Recovery Program,
implementing a Community Development Block Grant. The Office of Community Development (OCD) expenditures totaled $55,085,651 during the fiscal year ended June 30, 2024 and are properly included on the accompanying Schedule of Expenditures of Federal Awards.
Title: FEDERAL LOAN PROGRAMS
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Louisiana Housing Corporation elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Assistance
Listing June 30, 2024
Program Title Number Balance
HOME Investment Partnerships Program 14.239 $ 173,833,378
Community Development Block Program 14.228 271,716,114
National Housing Trust Fund 14.275 16,333,377
Emergency Rental Assistance Program 21.023 1,262,751
Tax Credit Assistance Program – ARRA 14.258 78,041,224
Neighborhood Stabilization Program 14.228 7,250,037
Housing Finance Agency Risk Sharing Program 14.188 207,500
$ 548,644,381