Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Housing Reinvestment Corporation of America, Inc. ("HRCA") under programs of the federal government for the year ended December 31, 2024. The information in the 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 operations of HRCA, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of HRCA.
During the year ended December 31, 2024, HRCA incurred federal expenditures included on the Schedule from NCRC Housing Rehab Fund, LLC and its wholly-owned subsidiaries (collectively, "NCRC HRF"), a related party through common management. Total federal expenditures to NCRC HRF amounted to $1,064,943 under assistance listing number 21.027 – COVID-19 - Coronavirus State and Local Fiscal Recovery Funds. Additionally, the funding included on the Schedule under the assistance listing numbers 14.269 CDBG-Disaster Recover Grants and 14.239 Home Investment Partnerships Program in the amounts of $309,821 and $175,522, respectivley, were provided to NCRC HRF for constructing and/or rehabilitating single-family homes earmarked by the underlying grant agreements. In accordance with the grant agreements, this funding will remain on the Schedule due to the ongoing compliance requirments until the earmarked properties are sold.