Notes to SEFA
The Project has a mortgage loan with Gershman Investment Corporation, repayment of which is guaranteed by HUD. As determined by 2 CFR Section 200.502(b) the federal expenditures amount represents the loan balance disbursed to the Project. The balance of the mortgage loan outstanding at the end of the audit period is $6,777,943.
The Assisted Living Conversion for Eligible Multifamily Housing Projects grant was excluded from the major program determination during the audit. The grant is excluded from coverage under the Uniform Guidance. Its inclusion in the schedule of expenditures of federal awards is for clarity purposes only.