Notes to SEFA
The development and construction of the Project was substantially funded under a noninterest bearing Mortgage Agreement with HUD. The Project received $3,099,800 from HUD for the Project construction costs under this Agreement. The Project is not required to make payments on the mortgage through August 1, 2045, provided it maintains housing in accordance with the Agreement. As of August 1, 2045, if all requirements have been met, the mortgage will be considered discharged. The Agreement is collateralized by a mortgage on the Project’s property and equipment.
The Project did not receive any federal awards in the form of noncash assistance or insurance in effect during the year ended June 30, 2025. In addition, the Project did not pass through any federal awards to subrecipients.