Notes to SEFA
National Affordable Housing Foundation Schenectady, Inc. has a loan with ORIX Real Estate Capital, LLC which is insured by the U.S. Department of Housing and Urban Development under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. National Affordable Housing Foundation Schenectady, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 consists of: Assistance Listing Number: 14.155 Program Name: Section 223(f) HUD Insured Mortgage Outstanding Balance at December 31, 2025: $18,163,452