Notes to SEFA
Title: Loan/Loan Guarantee Outstanding Balances
Accounting Policies: This schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Park Place Housing LLC under programs of the federal government for the year ended December 31, 2024. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Park Place Housing LLC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Park Place Housing LLC.
(1) Expenditures reported on this Schedule are reported on the accrual basis of accounting, except for the loan balance as discussed below. 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.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Park Place Housing LLC’s federal awards are not based on eligible costs incurred. Accordingly, Park Place Housing LLC has not made an election related to the use of the 10% de minimus indirect cost rate described in the Uniform Guidance.
Federal expenditures reported for the mortgage insurance program represent the December 31, 2023, balances of mortgage loans outstanding from a previous year for which the grantor imposes continuing compliance requirements. The balances of the loans outstanding as of December 31, 2024, are as follows:
Insured mortgage: $547,202
Mortgage restructuring mortgage: $335,453
Contingent repayment mortgage: $866,201