Notes to SEFA
The accompanying schedule presents only the expenditures incurred by the City of Oceanside, California, that are reimbursable under federal programs of federal financial assistance. For the purposes of this schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as federal funds received indirectly by the City from a non-federal agency or other organization. Only the portion of program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with state, local or other non-federal funds are excluded from the accompanying schedule.
In January 2019, the City entered into a contract with the United States Department of Housing and Urban Development for Loan Guarantee Assistance under Section 108 of the Housing and Community Development Act of 1974, as amended 42 U.S.C Section 5308. The loans are due in annual installments ranging from $171,000 to $279,00. Interest is payable quarterly at a rate of 4.8 percent. The outstanding balance at June 30, 2025, was $1,030,000. The City pledged Community Development Block Grants/ Entitlement Grants program allocations and program income as security for the loan.