Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal program activity of Humboldt Park Elderly Housing Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Humboldt Park Elderly Housing Corporation was organized as a Not-For-Profit Corporation under the laws of the State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 59 units located in Chicago, Illinois known as Plaza Taino Apartments.
As of December 31, 2024, the loan balance is $3,762,000. The loan does not have to be paid back under the stipulation that the Corporation rents only to qualified tenants for 40 years as defined by HUD.
The Corporation has not elected to use the 10% de minimums indirect cost rate as allowed in the Uniform Guidance, Section 414.