Notes to SEFA
Volunteer Residences - Two, Inc. has received a U.S. Department of Housing and Urban Development HUD Insured loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Volunteer Residences-Two, Inc. received no additional loans during the year. The balance of the loan outstanding at September 30, 2025 consists of: ALN Number Program Name Outstanding Balance at September 30, 2025 14.155 223(f) HUD Insured Loan $3,235,551