Title: Basis of Presentation
Accounting Policies: The information in the SEFA 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Florida Housing Finance Corporation (Florida Housing) 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Florida Housing, it is not intended to and does not present the financial position, changes in net position, or cash flows of Florida Housing.
Title: Summary of Significant Accounting Policies
Accounting Policies: The information in the SEFA 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in either the Uniform Guidance or the OMB Cost Circulars wherein certain types of expenditures are not allowable or are limited as to reimbursement. Florida Housing has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: HOME Investment Partnerships Program
Accounting Policies: The information in the SEFA 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Florida Housing processes loans under the HOME Investment Partnerships Program (HOME). New loans made during the year ended December 31, 2024 are included in the schedule of federal awards. There were $374.0 million in loans outstanding at December 31, 2024.
Title: ARRA - Tax Credit Assistance Program
Accounting Policies: The information in the SEFA 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
In 2009, the American Recovery and Reinvestment Act (ARRA) created the Tax Credit Assistance Program (TCAP). This federal stimulus funding was directed to rental developments that had already received a Housing Credit allocation but required additional funding due to limited equity available in the housing credit market. There were $93.3 million in TCAP loans outstanding at December 31, 2024.
Title: National Housing Trust Fund
Accounting Policies: The information in the SEFA 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
In 2008 the Housing and Economic Recovery Act created the National Housing Trust Fund. The purpose of the funding was to provide grants to state governments to increase and preserve the supply of rental housing for extremely low- and very low-income families, including homeless families, and to increase homeownership for extremely low- and very low-income families. There were $51.7 million in National Housing Trust Fund loans outstanding at December 31, 2024.
Title: Community Development Block GrantS – STATE’S program and non-entitlement grants in Hawaii
Accounting Policies: The information in the SEFA 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
In 2018, Florida Housing partnered with the Florida Department of Economic Opportunity (now called Department of Commerce or FloridaCommerce) to provide Community Development Block Grant – Disaster Recovery (CDBG-DR) funding for the construction of new affordable workforce housing to help address housing shortages worsened by Hurricane Irma. The CDBG-DR funding was awarded through the Rebuild Florida program, a partnership between FloridaCommerce and the U.S. Department of Housing and Urban Development (HUD) using federal funding for Florida’s long-term disaster recovery efforts. New loans made during the year ended December 31, 2024 are included in the schedule of federal awards. There were $121.9 million in CDBG-DR loans outstanding at December 31, 2024.
Title: State and Local Fiscal Recovery Funds – Hometown Heroes Housing Program
Accounting Policies: The information in the SEFA 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Florida Housing received funding of $100.0 million from the state in each of the 2023 and 2024 years from federal pass-through Coronavirus State and Local Fiscal Recovery Funds for the Florida Hometown Heroes Housing Program. The program provides down payment and closing cost assistance to eligible homebuyers to purchase a primary residence in the communities they work in and serve. There were $194.6 million in Hometown Heroes Housing loans outstanding at December 31, 2024.