Notes to SEFA
The Project obtained a capital advance from HUD, which was used to assist in financing the construction of the Project in accordance with the provisions of Section 811 of the National Affordable Housing Act. The capital advance at June 30, 2025 and 2024 is $1,115,200, bears no interest, and is not required to be repaid as long as the housing remains available to very low income individuals/families with disabilities, as approved by HUD, for a period of no less than 40 years, which expires in 2035. In addition, the Project is subject to the additional requirements of the HUD Section 811 program. It is the Project's intent to comply with the time requirement and Section 811. Based on the time and provision requirements, the advance is recorded as a long term liability. The capital advance is collateralized by the land and building of the Project.