Title: Village Crossing
Accounting Policies: The schedule is presented on the accrual basis of accounting. 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). Therefore, some of the amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Affordable Housing Management, Inc. and Subsidiaries have elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance
Note payable by Affordable Housing Management, Inc. (Village Crossing) to the City of Greensboro is
noninterest bearing, due in 2030, assuming the project continues to qualify as affordable housing.
The note is secured by a first deed of trust on the land, buildings and improvements.
Title: Southwoods
Accounting Policies: The schedule is presented on the accrual basis of accounting. 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). Therefore, some of the amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Affordable Housing Management, Inc. and Subsidiaries have elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance
Note payable by Affordable Housing Management, Inc. (Southwoods) to the North Carolina Housing
Finance Agency, bearing interest payable at 2%, due March 1, 2028. The note is secured by real and
personal property.
Note payable by Affordable Housing Management, Inc. (Southwoods) to the City of Greensboro is
noninterest bearing, due December 1, 2027. The note is secured by real and personal property.
Title: Hope Court
Accounting Policies: The schedule is presented on the accrual basis of accounting. 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). Therefore, some of the amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Affordable Housing Management, Inc. and Subsidiaries have elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance
Note payable by Affordable Housing Management, Inc. (Hope Court) to the City of Greensboro is
noninterest bearing, due in 2035, assuming the project continues to qualify as affordable housing.
The note is secured by a first deed of trust on the land, buildings and improvements. Note payable by Affordable Housing Management, Inc. (Hope Court) to the North Carolina Housing
Finance Agency is noninterest bearing, due in 2046, assuming the project continues to qualify as
affordable housing. The note is secured by a first deed of trust on the land, buildings and
improvements. Deferred loan payable by Affordable Housing Management, Inc. (Hope Court) to the Federal Home Loan Bank with interest at 0% and no monthly payment required, forgiven upon adherence to Affordable Housing Guidelines of the Federal Housing Agency for 15 years.
Title: Windhill Development
Accounting Policies: The schedule is presented on the accrual basis of accounting. 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). Therefore, some of the amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Affordable Housing Management, Inc. and Subsidiaries have elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance
Note payable by Affordable Housing Management, Inc. (Windhill Development) to the City of Greensboro is noninterest bearing, due May 1, 2042. The note is secured by real and personal property.