Notes to SEFA
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL ASSISTANCE PROGRAMS OF ASI - BOISE, INC. AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF ASI - BOISE, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS OR CASH FLOWS OF ASI - BOISE, INC.
THE PROJECT RECEIVED A CAPITAL ADVANCE FROM HUD UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT IN THE AMOUNT OF $1,704,000. THE CAPITAL ADVANCE IS NON-INTEREST BEARING AND IS NOT REQUIRED TO BE REPAID SO LONG AS THE HOUSING REMAINS AVAILABLE TO THE ELIGIBLE VERY LOW INCOME HOUSEHOLDS FOR A PERIOD OF 40 YEARS. THE ADVANCE IS SECURED BY A FIRST MORTGAGE ON THE REAL ESTATE FOR A PERIOD OF 40 YEARS. FAILURE TO COMPLY WITH THIS ELIGIBILITY REQUIREMENT WOULD REQUIRE REPAYMENT OF THE ENTIRE CAPITAL ADVANCE PLUS ALLOWABLE INTEREST.