Notes to SEFA
The accompanying schedule of federal awards includes the federal grant activity of the Milford Housing Authority and is presented on the accrual basis of accounting. Federal awards are considered expended when the expense transactions associated with the award occur. The information in this schedule is presented in accordance with Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
The Authority had no subrecipients.
The Authority did not elect to use the de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The federal expenditure amount of $1,011,744 represents outstanding mortgage notes, of which $956,869 was outstanding at December 31, 2024. The notes bear interest at rates between 6.5%-8.75% and repayment is required for a term of 50 years. Interest on all notes is subsidized by the USDA bringing the effective interest rate down to 1%.