Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Peninsula Housing Development, Inc., II, St. Agustin Villas, HUD Project No 066-EH180 (“Peninsula II”). 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”). The Schedule presents only a selected portion of the operations of Peninsula II, and therefore, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Peninsula II was financed by a mortgage note from HUD under Section 202 of the Housing Act of 1959. The loan balance outstanding at the beginning of the year was $1,646,649 and the Organization did not receive additional loans during the year. The amount shown represents the current balance owed. All Federal grant operations of the Organization are 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”).