Notes to SEFA
As of September 30, 2025, the City recorded net HOME Program Notes Receivable of $46,399,407 which includes the estimated allowances for the doubtful accounts of $21,403,525. These are loans that are made for renovation or construction of apartment complexes that provide rental assistance to low income people. Some loans are forgivable provided the program and loan criteria are met. Included in the gross notes receivable balance are multi-family loans in the amount of $38,030,475 that have continuing eligibility compliance requirements and are included in the Schedule of Expenditures of Federal Awards.
As of September 30, 2025, the City recorded net CDBG Program Notes Receivable of $23,083,072 which includes the estimated allowances for the doubtful accounts of $11,041,999. These are rental rehabilitation loans. Some loans are forgivable provided the program and loan criteria are met. Included in the gross notes receivable balance are multi-family loans in the amount of $16,547,913 that have continuing eligibility compliance requirements and are included in the Schedule of Expenditures of Federal Awards.
As of September 30, 2025, the City recorded net NSP Program Notes Receivable of $2,741,209 which includes estimated allowances for doubtful accounts of $1,286,772. These are rental rehabilitation loans. Some loans are forgivable provided the program and loan criteria are met. Included in the gross notes receivable balance are multi-family loans in the amount of $3,541,892 that have continuing eligibility compliance requirements and are included in the Schedule of Expenditures of Federal Awards.