Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Northwest Housing Alternatives, Inc. (the Organization) under programs of federal government for the year ended December 31, 2024, except for Oakhill Associates, Inc., Ridgeway Village Associates, Inc., River Glen Renewal Associates LLC, Charleston Limited Partner, and Trenton Terrace Limited Partner, which collectively spent $14,796,465 in federal expenditures during the year. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
The U.S. Department of Housing and Urban Development (HUD) has issued notes and mortgages to the Organization in connection with certain capital advances. These notes and mortgages have 40 to 55-year terms. The Organization is not required to repay principal or interest and the notes are forgiven at maturity, as long as the Organization provides housing for the designated class of people in accordance with applicable HUD requirements. As reported in the Schedule, capital advances made to the Organization by HUD and passed through to subrecipients in prior years total $10,224,500. The balance of loans outstanding at December 31, 2024 consists of the following: Program or Cluster Title, Supportive Housing for the Elderly, Federal ALN 14.157, Amount Outstanding $10,224,500.
At December 31, 2024, the Organization had the following Section 220 preservation grant which is included in the federal expenditures presented. The grant was passed through to subrecipients in prior years. Program or Cluster Title, Supportive Housing for the Elderly, Federal ALN 14.XXX, Amount Outstanding $400,164.