Notes to SEFA
The amount of federal expenditures in the accompanying schedule of expenditures of federal awards includes the outstanding balances of HOME Investment Partnerships Program (HOME) cumulative loan funding as of July 1, 2023 provided by Mobile County and the City of Mobile of $1,289,478 and $940,000, respectively. The outstanding balances were unchanged as of June 30, 2024. Mobile County HOME Funds: The Mobile County Commission (County) agreed to provide HOME funds to the Organization in the amount of $1,289,478 to assist in the construction of nineteen units at the Eagles Landing Veteran transitional housing project. Under the terms of the grant agreement, the funds are administered in the form of a permanent loan that commences at the execution of the mortgage and continues for a minimum of 20 years. The loan is interest free and no payment will be due during the term of the loan provided (a) there is no default, (b) the Organization remains in compliance with all County and HOME program requirements, and (c) the Organization does not transfer the title to the project either voluntarily or involuntarily. Upon expiration of the term, the County will forgive the unpaid balance of the HOME loan provided the aforementioned requirements are met. City of Mobile HOME Funds: The City of Mobile (City) also agreed to provide HOME Funds to the Organization in the amount of $940,000 to assist in the construction of four apartments which will be designed for veteran families who are low-income and in need of permanent housing. Under the terms of the grant agreement, the funds are administered in the form of a permanent loan that commences at the execution of the mortgage and continues for a minimum of 20 years. The loan is interest free and no payment will be due during the term of the loan, provided the rents on all of the units do not exceed 30% of the adjusted gross income of a household whose annual income equals not more than 60% of area median income as defined by HUD and adjusted for family size, unit size by number of bedrooms, and tenant paid utilities. Upon expiration of the term, the City will forgive the unpaid balance of the HOME loan provided the aforementioned requirements are met.