Notes to SEFA
In September 2017, the Organization entered into a $30,000,000 financing arrangement with the Community Development Financial Institution (CDFI) Bond Guarantee Program through Opportunity Finance Network, a Qualified Issuer. Under this program, the Secretary of the Treasury provides a guarantee for the repayment of the full amount issued to support CDFIs that make investments for eligible community or economic development purposes for a period not to exceed 30 years. The total amount included in the schedule of expenditures of federal awards is the outstanding bond loan payable balance at July 1, 2024 of $13,664,025 plus the current year drawdowns of $0. The outstanding bond loan payable balance at June 30, 2024 is $13,193,364.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Florida Community Loan Fund, Inc. (the Organization) under a program of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.