Notes to SEFA
Federal expenditures for the U.S. Department of Housing and Urban Development ("HUD") Community Development Block Grant program includes the balance of a loan outstanding. This particular loan was funded by a grant from HUD to the City of Sioux Falls who passed through these funds in the form of a low-interest loan and for which the grantor imposes continuing compliance requirements. Total principal on this loan was $900,000 which was used to loan money to Horizon Place Apartments Limited Partnership to finance eligible activities including the provision of housing to low income and homeless families. Annual principal payments of $30,000 are due on this loan. The loan balance at September 30, 2025 was $690,000. Federal expenditures for the U.S. Department of of Agriculture ("USDA") Community Facilities Loans and Grants program includes the balance of a loan outstanding. This particular loan was funded by a grant from USDA to Inter-Lakes Community Action Partnership, Inc. the City of Sioux Falls who passed through these funds in the form of a low-interest loan and for which the grantor imposes continuing compliance requirements. Total principal on this loan was $1,024,000 which was used for a Head Start facility. Annual principal payments of $47,450 are due on this loan, along with additional principal payment of $78,964. The outstanding loan balance at September 30, 2025 was $0. Federal expenditures for the U.S. Department of Housing and Urban Development ("HUD") HOME Investment Partnership Program includes the balance of a loan outstanding. This particular loan was funded by a grant from HUD to the South Dakota Housing Development Authority who passed through these funds in the form of a 0% interest loan and for which the grantor imposes continuing compliance requirements. Total principal on this loan is $1,161,330 which is HOME-ARP funding as a construction to permanent forgivable loan for the Community Commons Project, beginning at execution of the Mortgage and Note and continue for a term of 20 years from the date of Project Completion. The loan will be forgiven at the end of the Restricted Use Period as long as all requirements are met during this period. Agreement was entered into June 21, 2023, for a period of 20 years. The balance at October 1, 2024 and September 30, 2025 is $1,161,330 as there are no required payments on the loan.