Notes to SEFA
The Corporation has entered into a Capital Advance Program Mortgage Note (the Note) for a capital advance in the amount of $796,000. The Note bears no interest and repayment is not required as long as the housing project remains available for very low-income persons with disabilities, in accordance with Section 811 of the National Affordable Housing Act of 1990 and the Project Rental Assistance Contract and is operated in accordance with the regulatory agreement and HUD regulations. The Note is secured by the mortgage upon the land, building and equipment, and other amounts held by the Corporation.