Notes to SEFA
The Organization has a capital advance from HUD in the amount of $6,501,300 for the costs of the building. This capital advance does not have to be paid back under the stipulation that the Organization rents only to qualified tenants for 40 years as defined by HUD. The Organization has elected to treat the entire proceeds as a component of net assets without donor restrictions. Loans outstanding at the beginning of the year plus loans made during the year are included in the federal expenditures presented in the Schedule.