Notes to SEFA
The Companies received $67,785 of funds from the Coronavirus State and Local Fiscal Recovery Funds (Assistance Listing 21.027) to assist with the rehabilitation of various apartment units. VBCDC was listed as the beneficiary of the funds as they were not used to provide additional services on behalf of the passthrough entity. As such, these amounts have not been included on the Schedule.
The Companies have a mortgage insured under Section 223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Companies did not receive additional loans during the year. The balance of the loan outstanding at the year ended June 30, 2025 consists of: AL Number: 14.155, Program Name: Multifamily rental property purchase or refinance - Section 223(f), Outstanding Balance at June 30, 2025: $5,832,650. During the year ended June 30, 2025, VBCDC was referred to the Department of Enforcement Center (DEC) for evaluation as a result of the Real Estate Assessment Center (REAC) assessment of the project financial information for the year ended June 30, 2024. VBCDC received a letter from DEC on July 29, 2025 noting no noncompliance and that no further enforcement actions are being pursued as of the date of the letter.