Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Peninsula Housing Development, Inc., III (“Peninsula III”). 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 III. It is not intended to and does not present the financial position, changes in net assets, or cash flows of Peninsula III.
Peninsula III was financed by a mortgage note insured by HUD under Section 223(f) of the Housing Act of 1974. The loan balance outstanding at the beginning of the year was $14,660,356 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”).