During the year ended December 31, 2024, NHTCDF had the following federal programs in effect with the Community Development Financial Institutions Fund ("CDFI Fund") Program. In April 2016, NHTCDF received a loan in the amount of $900,000. Under the agreement, NHTCDF is required to utilize the funds to support its comprehensive business plan. The loan is evidenced by an unsecured promissory note which bears interest at the rate of 2.5% per annum. Interest-only is payable semi-annually in arrears, beginning June 30, 2016. The principal amount shall be due and payable on May 16, 2029. As of December 31, 2024, the principal balance outstanding on the loan was $900,000. In June 2018, NHTCDF received a loan in the amount of $793,063. Under the agreement, NHTCDF is required to utilize the funds to support its comprehensive business plan. The loan is evidenced by an unsecured promissory note which bears interest at the rate of 1.9% per annum. Interest-only is payable semi-annually in arrears from June 30, 2018 to December 31, 2027. One-sixth of the outstanding principal balance and interest are payable semi-annually in arrears from June 30, 2028 to December 31, 2030. As of December 31, 2024, the principal balance outstanding on the loan was $793,063. During 2023, an additional $740,000 was awarded to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations. NHTCDF is utilizing the funds from the program to capitalize a revolving loan fund. In accordance with presentation requirements, the schedule of expenditures of federal awards includes $606,000 used in accordance with the program during the year ended December 31, 2024.
During 2019, the CDFI Fund awarded a total of $2,524,000 to NHTCDF to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations. During 2021, an additional $3,900,000 was awarded to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations. During 2022, an additional $6,000,000 was awarded to support affordable housing activities, economic development activities, or community service facilities in the following manners: to provide loan loss reserves, to capitalize a revolving loan fund, for risk sharing loans, for loan guarantees, and for the awardee's operations. NHTCDF is utilizing the funds from the program to capitalize a revolving loan fund. In accordance with presentation requirements, the schedule of expenditures of federal awards includes $2,538,412 of amounts committed for use and disbursed during the year ended December 31, 2024. There were no administrative costs claimed for the Capital Magnet Fund Program to support operations in 2024.