Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Affordance Housing Network, Inc. (AHNI) 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 AHNI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of AHNI.
There were no awards passed through to subrecipients.
The HOME Investment Partnerships Program Loans included on the schedule of expenditures of federal awards are payable to the Iowa Finance Authority and the City of Cedar Rapids and are reported at the beginning balances for the year ended June 30, 2025. These loans range from $216,441 to $1,177,976, do not require any payments and bear interest ranging from 0% to 4.90% with final payments due ranging from 2027 to 2030. One of the notes were forgiven during the year ended June 30, 2025. Until the loans are repaid, the outstanding balances will be reported as federal expenditures due to the continuing compliance requirements included in the loan agreement. As of June 30, 2025, the remaining balance outstanding under the loans was $1,335,708.