Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 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.
Expenditures reported on the Schedule include the value of new loans made or received during the audit period, loans acquired as a result of acquiring 100% control over tax credit limited partnership(s) during the audit period plus the beginning of the audit period balance of loans
from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: Charities Housing Development Corporation of Santa Clara County has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has various U.S. Department of Housing and Urban Development loans. The
loan balance outstanding at the beginning of the year is included in the federal expenditures
presented in the Schedule. The Organization received no new loans during the year. The loan
with City of Santa Clara in the amount of $115,672 was forgiven in November 2023.
The balance of the loans outstanding at December 31, 2024 consisted of the following:
Assistance Listing Number Program Name Balance, December 31,
2024 14.218 Community Development Block Grants/Entitlement Grants $ 2,115,251
14.239 HOME Investment Partnerships Program 996,489
Total : $ 3,111,740