Notes to SEFA
The Project has a mortgage loan with Berkadia Commercial Mortgage, repayment of which is guaranteed by HUD. As determined by 2 CFR Section 200.502(b) the federal expenditures amount represents the loan balance as of January 1, 2022. The balance of the mortgage loan outstanding at the end of the audit period is $1,223,388.
Expenditures for the Multifamily Housing Service Coordinator were excluded from the major program determination during the audit. The above grant has no audit requirement. Its inclusion in the schedule of expenditures of federal awards is for clarity purposes only.