Notes to SEFA
Title: Note 3 - Multifamily Rental Property Purchase or Refi - Section 223(f)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the OMB Circular A-122, Cost Principles for Nonprofit Organizations or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented were available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is the activity on the mortgage payable for the year ended September 30, 2022: Assistance Listing Number: 14.155, Program Name: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Loans Outstanding for the Year Ended September 30, 2021: $3,197,953, Loans Awarded for the Year Ended September 30, 2022: 0, Loan Principal Repaid for the Year Ended September 30, 2022, (65,086), Loan Outstanding at September 30, 2022: $3,132,867