Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal Program activity ofSacramento Elderly Housing Corporation and is presented on the accrual basis of accounting. The information inthis schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR)Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards.Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements. Sacramento Elderly Housing Corporation was formed a Not-For-Profit Corporation under the laws of the State ofIllinois for the purpose of constructing and operating an apartment complex (the Project). The Project consists of40 units located in Chicago, Illinois known as Rev. Daniel Alvarez Apartments
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of December 31, 2022, the loan balance is $3,677,700. The loan does not have to be paid back under thestipulation that the Corporation rents only to qualified tenants for 40 years as defined by HUD.