Notes to SEFA
The Organization has entered into mortgage loan agreements for loans for each individual project. Such funds were provided by RD pursuant to its Rural Housing Program under Section 515 of the National Housing Act of 1949. The terms of the loans are 50 years. The loans are secured by a mortgage on the Project, security interests in any personal property, and an assignment of any rents or income to be derived from the Project. Interest rates on the loans range from 9%-10% (before interest credit). At October 31, 2025, the remaining balance on the mortgages payable was $2,747,179.