Notes to SEFA
Title: Loan program
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The following is the activity of the loan payable for the year ended June 30, 2022: Assistance Listing Number 14.134; Program Name: Mortgage Insurance - Rental Housing (Section 223(f)), Loan Outstanding June 30, 2021, 3,375,775, Loan Awarded for the Year Ended June 30, 2022:0; Loan Principal Repaid for the Year Ended June 30, 2022: 287,809; Loan Outstanding June 30, 2022: 3,087,966.