Notes to SEFA
The Town of Huntington Community Development Agency (the Agency) has a deferred loan and fixed rate program that is originally financed with Federal financial assistance from the Community Development Block Grant/Entitlement Grants (Assistance Listing No. 14.218). Funds are used to purchase, construct and rehabilitate single family or multifamily residential properties in low-income areas in the Town. Under the deferred rate loan program, no monthly payments are made. However, upon the death of the homeowner(s), or the sale or refinancing of the home, the loan is repaid by the homeowner or their estate. The funds received from the repayment is credited to the rehabilitation budget and spent on the deferred rate loan program. The amount outstanding under the deferred rate loan program as of December 31, 2024 is $5,320,418. This amount is not reflected in the Schedule. Under the fixed rate loan program, the individual homeowner is required to make monthly payments at a low interest rate to the Agency. As of December 31, 2024, there are two outstanding loans, one had a balance of $13,475 and the other had a balance of $4,077. These amounts are not reflected in the Schedule.
For the year ended December 31, 2024, the Town provided no funds to subrecipients.
For the year ended December 31, 2024, the Town received no nonmonetary assistance.