Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mid-County Non-Profit Housing Corporation and is presented on the accrual basis of accounting. 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 operations of Mid-County Non-Profit Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mid-County Non-Profit Corporation.
HUD holds a note and mortgage on the property for a 40-year term. In accordance with the provisions of the regulatory agreement, Mid-County Non-Profit Housing Corporation is not required to repay the principal or interest on the note and mortgage as long as they provide housing for low-income elderly for those 40 years. HUD will forgive the note and mortgage at maturity which is June 11, 2051. The outstanding balance as of June 30, 2025, is $1,801,196.