Notes to SEFA
The development and construction of the Project was substantially funded under a noninterest bearing Mortgage Agreement with HUD. SRS received $954,600 from HUD for the Project construction costs under this Agreement. The Project is not required to make payments on the mortgage through May 1, 2035, provided it maintains housing in accordance with the Agreement. As of May 1, 2035, if all requirements have been met, the mortgage will be considered discharged. The Agreement is collateralized by a mortgage on the Project's property and equipment. The project had the following loan balance outstanding related to their HUD Project at September 30, 2025: Federal Grantor/Pass-through Grantor/Program Title: U.S. Department of Housing and Urban Development: Supportive Housing for Persons with Disabilities, ALN: 14.181, Grantor's Number: N/A, Loan Balance: $954,600