Notes to SEFA
Title: Note 3 - USDA Rural Rental Housing Loan
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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 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: N
Rate Explanation: OPAL Community Land Trust has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Lavender Hollow LLC entered into a Rural Rental Housing Loan in May 2011 for the preservation of a 22-unit apartment complex which was assumed by OPAL Community Land Trust. The note bears interest at 4.625%, is payable in monthly subsidized installments of $1,796 and matures June 2041. As of December 31, 2024 the loan balance is $775,161.