Notes to SEFA
There were no other audits performed by federal grantor agencies or by sub-grantor organizations of Peninsula XVII’s administration of federal financial assistance programs in fiscal year 2025.
1. GENERAL The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant awards activity of Peninsula Housing Development, Inc. XVII, La Palma Apartments, HUD Project No 066 - EE093-WAH (“Peninsula XVII”). 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 XVII, and therefore, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
CAPITAL ADVANCE AND OTHER LOANS Peninsula XVII was financed by a mortgage note (capital advances) from HUD in the amount of $11,175,500 under Section 202 of the Housing Act of 1959 and loans passed through local government such as the Home Investment Partnership Program from Miami Dade County for $500,000 and City of Miami for $487,213, and Community Development Block Grant from City of Miami for $261,340. The total amount of the capital advance and other loan balances outstanding at the beginning of the year was $12,424,053 and the Organization did not receive additional advances or loans during the year. The amounts shown represent the current balance owed as of March 31, 2025. 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”).