Title: U.S. Department of Housingand Urban Development Loan Program
Accounting Policies: Expenditures reported on the Schedule Expenditures of Federal Awards 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.
De Minimis Rate Used: Y
Rate Explanation: Brothers Redevelopment, Inc. has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, on its Emergency Rental Assistance Program – American Rescue Plan Act and AmeriCorps Volunteer Generation Fund programs only. No indirect costs were claimed for other federal awards.
The Organization has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the Schedule of Expenditures of Federal Awards. The Project received no additional loans during the year. The balance of the loan outstanding was $5,106,700 as of September 30, 2024. During the year ended September 30, 2024, the Organization received funds from a U.S. Department of Housing and Urban Development HOME Investment Partnership loan of $1,440,000.
Title: Section 8 Housing Assistance Payments
Accounting Policies: Expenditures reported on the Schedule Expenditures of Federal Awards 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.
De Minimis Rate Used: Y
Rate Explanation: Brothers Redevelopment, Inc. has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, on its Emergency Rental Assistance Program – American Rescue Plan Act and AmeriCorps Volunteer Generation Fund programs only. No indirect costs were claimed for other federal awards.
The residential housing subsidiaries that are consolidated with Brothers Redevelopment, Inc. received Section 8 Housing Assistance Payments during the fiscal year ending September 30, 2024 as follows:
Property, HUD Project No., HAP
Corona Residence Apartments, CO99H001010, $513,084
Edgewater Plaza, CO99T791002, $653,322
Jefferson Terrace Senior Housing, CO99T821017, $ 267,343
Sheridan Glen Housing, Inc., CO99T861004, $750,245
Sunnyside Senior Apartments, Inc., CO99T851008, $179,638
La Alma Housing, LTD. (12/31/21), 101-35304, $305,003
Brook Haven Apartments, Inc., CO99RM00004, $484,343
Clayton Street Residences, Inc., CO99RM00006, $90,096
Decatur Street Residences, Inc., CO99RM00007, $123,152
Federal View Apartments, CO99RM00003, $389,549
Garfield Apartments, Inc., CO99RM00005, $412,387
Total $ 4,168,162