Notes to SEFA
The county has a loan program for low-income housing renovation. Under this federal program, repayments to the county are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of loan funds disbursed to program participants for the year was $813,783 and is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $808,119.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the county’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations 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.