Title: HOME Program Notes Receivable
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the City and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the changes in net position/fund balance or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
As of September 30, 2024, the City recorded net HOME Program Notes Receivable of $30,595,768 which includes the estimated allowances for the doubtful accounts of $27,380,148. These are loans that are made for renovation or construction of apartment complexes that provide rental assistance to low income people. Some loans are forgivable provided the program and loan criteria are met. Included in the gross notes receivable balance are multi-family loans in the amount of $36,350,951 that have continuing eligibility compliance requirements and are included in the Schedule of Expenditures of Federal Awards.
Title: CDBG Program Notes Receivable
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the City and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the changes in net position/fund balance or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
As of September 30, 2024, the City recorded net CDBG Program Notes Receivable of $10,358,133 which includes the estimated allowances for the doubtful accounts of $13,261,272. These are rental rehabilitation loans. Some loans are forgivable provided the program and loan criteria are met. Included in the gross notes receivable balance are multi-family loans in the amount of $13,224,098 that have continuing eligibility compliance requirements and are included in the Schedule of Expenditures of Federal Awards.
Title: NSP Program Notes Receivable
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the City and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the changes in net position/fund balance or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
As of September 30, 2024, the City recorded net NSP Program Notes Receivable of $67,815 which includes estimated allowances for doubtful accounts of $3,059,274. These are rental rehabilitation loans. Some loans are forgivable provided the program and loan criteria are met. Included in the gross notes receivable balance are multi-family loans in the amount of $2,599,838 that have continuing eligibility compliance requirements and are included in the Schedule of Expenditures of Federal Awards.