Notes to SEFA
Title: NOTE C – HOME INVESTMENT PARTNERSHIPS PROGRAM
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) is presented on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The West Virginia Housing Development Fund (the Fund) receives a fee for the administration of the Section 8 Housing Assistance Program (14.WV800). The fee amount is a maximum of 2% of the fair market rent per unit per month. Also, the Fund receives reimbursement for administrative expenses relating to the HOME Investment Partnerships (14.239) and National Housing Trust Fund (14.275) programs. The amount available for reimbursement is equal to 10% of the HOME Investment Partnerships and National Housing Trust Fund program basic allocation formula for each fiscal year. The Fund also receives reimbursement for administrative expenses relating to the ERA2 program (21.023) and HAF program (21.026). The amount available for reimbursement is equal to no more than 15% of the amounts paid to the Fund under the ERA2 and HAF Programs. The Fund receives reimbursement for actual administrative expenses related to the Community Development Block Grants/State’s Program and Non-Entitlement Grants in Hawaii (14.228).
The following is a summary of total federal receipts and expenditures for the HOME Investment Partnership Program by participant number for fiscal year 2024:
Title: NOTE D – HOUSING TRUST FUND PROGRAM
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) is presented on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The West Virginia Housing Development Fund (the Fund) receives a fee for the administration of the Section 8 Housing Assistance Program (14.WV800). The fee amount is a maximum of 2% of the fair market rent per unit per month. Also, the Fund receives reimbursement for administrative expenses relating to the HOME Investment Partnerships (14.239) and National Housing Trust Fund (14.275) programs. The amount available for reimbursement is equal to 10% of the HOME Investment Partnerships and National Housing Trust Fund program basic allocation formula for each fiscal year. The Fund also receives reimbursement for administrative expenses relating to the ERA2 program (21.023) and HAF program (21.026). The amount available for reimbursement is equal to no more than 15% of the amounts paid to the Fund under the ERA2 and HAF Programs. The Fund receives reimbursement for actual administrative expenses related to the Community Development Block Grants/State’s Program and Non-Entitlement Grants in Hawaii (14.228).
The following is a summary of total federal receipts and expenditures for the Housing Trust Fund by participant number for fiscal year 2024:
Title: NOTE E – LOANS WITH CONTINUING FEDERAL COMPLIANCE REQUIREMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) is presented on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The West Virginia Housing Development Fund (the Fund) receives a fee for the administration of the Section 8 Housing Assistance Program (14.WV800). The fee amount is a maximum of 2% of the fair market rent per unit per month. Also, the Fund receives reimbursement for administrative expenses relating to the HOME Investment Partnerships (14.239) and National Housing Trust Fund (14.275) programs. The amount available for reimbursement is equal to 10% of the HOME Investment Partnerships and National Housing Trust Fund program basic allocation formula for each fiscal year. The Fund also receives reimbursement for administrative expenses relating to the ERA2 program (21.023) and HAF program (21.026). The amount available for reimbursement is equal to no more than 15% of the amounts paid to the Fund under the ERA2 and HAF Programs. The Fund receives reimbursement for actual administrative expenses related to the Community Development Block Grants/State’s Program and Non-Entitlement Grants in Hawaii (14.228).
The following is a summary of loan balances at June 30, 2024 for which the Federal government imposes continuing compliance requirements: