Notes to SEFA
An extensive compliance test, as required by Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), was performed on the Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects program, which represents 82% of the total expenditures reflected on the Schedule of Federal Financial Assistance. The 20% of coverage test for a low risk auditee was satisfied as follows: Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects 14.155 $1,708,163; Section 8 Housing Assistance Payments 14.195 $369,783 Minimum Amount Which Must Be Tested $2,077,946 times 20% totals $415,589. The Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects program exceeds $415,589, and, therefore, represents the only program to which thespecific compliance requirements must be applied.
The Mortgage Insurance for the Purchase or Refinancing of Existing Multi-Family Housing Projects program outstanding loan balance as of December 31,2025 is $1,659,428.