Notes to SEFA
The Rural Housing Service provides the Rural Rental Housing Loan. Subsidy Credit for Lions Park Apartments and Cedar Park Apartments to reduce the effective interest rate of the loan. The Housing Authority records interest expense separate from the subsidy credit.
The rental assistance payments shown represents the total of rental assistance received that is determined by netting the approved basic rent for the shelter and tenant contributions.
The Housing Authority has two USDA Rural Rental Housing Loans outstanding with balances totaling $993,328.00 as of July 1, 2024. Lions Park Apartments was approved by USDA Rural Development to receive a 515 Repair/Rehab Subsequent Housing Loan in the amount of $1,558,566. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the the year. The balance owing at the end of the period is $1,468,190.
The amounts shown as current year expenditures represent only the federal portion of the program costs. Entire program costs, including the Housing Authority’s portion, may be more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.