Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Groton Affordable Housing, Inc. (the "Corporation") under programs of the federal government for the year ended June 30, 2025. 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. For the year ended June 30, 2025, no awards were passed through to subrecipients.
Groton Affordable Housing, Inc. has received a U.S. Department of Housing Urban Development HUD-Insured Mortgage under Section 223(f) of the National Housing Act. During the year ended June 30, 2025, Groton Affordable Housing, Inc., refinanced their previous HUD-Insured Mortgage which was administered by Midland Loan Services, Inc., with a new HUD-Insured Mortgage which is administered by Lument Real Estate Capital, LLC, as approved by HUD. The federal loan balances and transactions relating to the program are included in the Corporation's basic financial statements. The loan balances outstanding at the beginning of the year as well as any current year proceeds received is included in the federal expenditures presented in the Schedule. Groton Affordable Housing, Inc. received one additional loan during the year as a result of the aforementioned refinance. The balances of the loans outstanding at June 30, 2025 consists of: AL Outstanding Number Program Name June 30, 2025 14.155 Section 223(f) HUD-Insured Mortgage (a) $ 2 ,964,130 14.155 Section 223(f) HUD-Insured Mortgage (b) - $ 2 ,964,130