Notes to SEFA
The Organization has a noninterest bearing loan from the Philadelphia Housing Development Corporation (“PHDC”) that was used to finance the renovations of the Sojourner House transitional housing property. This obligation is secured by a second mortgage on the property. The loan agreement includes a requirement that the transitional housing facility be leased to and occupied by low or very low-income families for 15 years or until the obligation is paid in full, whichever is longer. The outstanding balance of this loan as of June 30, 2025 was $1,200,000, of which $50,000 was the federal loan balance, expended using Community Development Block Grants/Entitlement Grants funding. The entire loan balance will be forgiven in 30 years from the date of project completion, September 2013, provided that the Organization is not in default of any terms or conditions of the loan agreement. The loan from the Philadelphia Redevelopment Authority is comprised of both federal and city funding noted on pages 31 and 34 of the consolidated schedule of expenditures of federal, state and city awards.