Notes to SEFA
The Organization bought and renovated 11 units with HUD funds. A mortgage was executed with HUD on June 19, 1997. The outstanding balance as of June 30, 2025, was $941,600. The entire amount of the capital advance of $941,600 will be forgiven on March 1, 2038, if the terms and conditions are complied with for the full period. Additional disclosures regarding the Capital Advance Program are noted in Note 5 of the Notes to the Financial Statements.