The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Federation of Appalachian Housing Enterprises, Inc. and Subsidiaries (the "Organization"), under programs 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Federation of Appalachian Housing Enterprises, Inc. and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets or cash flows of Federation of Appalachian Housing Enterprises, Inc. and Subsidiaries.
The CDFI Bond Guarantee Program ("BGP" or "Bond Program") was enacted through the Small Business Jobs Act of 2010 (Public Law 111-240) on September 27, 2010. The legislation directs the U.S. Treasury to guarantee the full amount of bonds issued to support community development financial institutions ("CDFIs") that make investments in distressed communities as designated by the CDFI Fund. The Federal Financing Bank, a financing arm of the U.S. Treasury, will purchase all of the bonds issued under the BGP, including the Opportunity Finance Network ("OFN") bonds, (detailed below) and the U.S. Treasury will guarantee repayment. The OFN bonds will not be remarketed or sold to any other investors. In 2015, the CDFI Fund approved OFN to serve as a Qualified Issuer and issue a bond totaling $127,000,000 on behalf of the Organization and six other CDFIs. Fahe's portion of the issuance was $15,000,000. During the year ended June 30, 2025, no proceeds were drawn by Fahe from this issuance and $512,032 was repaid. The outstanding balance as of June 30, 2025 was $12,123,173. In 2019, the CDFI Fund approved OFN to serve as Qualified Issuer and issue a bond totaling $100,000,000 on behalf of Fahe and two other CDFIs. Fahe's portion of the issuance was $20,000,000. During the year ended June 30, 2025, proceeds of $3,400,000 were drawn by Fahe from this issuance and $497,452 was repaid. The outstanding balance as of June 30, 2025 was $19,502,548.
In 2016, Fahe was awarded an allocation of $50,000,000 through USDA's Community Facilities Relending Program. During the year ended June 30, 2025, proceeds of $11,500,000 were drawn by Fahe from its allocation and $185,541 was repaid. As of June 30, 2025, $14,814,748 was outstanding.