Notes to SEFA
2. All federal programs are identified in the SEFA using the applicable Assistance Listings Numbers (ALN), as required by 2 CFR 200.510(b).
3. The Project participates in federal loan programs that result in noncash federal assistance. Noncash federal assistance includes outstanding balances of federal loans for which the Project has continuing compliance requirements. The Section 202 Capital Advance program represents a federal loan for which repayment is not required so long as the Project remains in compliance with applicable program requirements. Although no cash proceeds were received during the year related to this loan, the Project has ongoing compliance obligations; therefore, the outstanding loan balance is disclosed in the notes to the SEFA.The outstanding balance of the Section 202 Capital Advance program mortgage at December 31, 2025 was $1,465,000, which did not change from the prior year. The outstanding loan balance is not included in total federal expenditures reported in the SEFA. However, the outstanding loan balance was considered in determining whether the Project met the threshold for audit under 2 CFR 200.501.
4. Federal awards are reported on the SEFA when expenditures are incurred, or for noncash assistance, when the assistance is received or valued in accordance with federal agency guidance. Cash expenditures, such as rental assistance received under Project Rental Assistance Contracts (PRAC), are included as federal expenditures in the SEFA. Federal loan programs, including the Section 202 Capital Advance program, are reported in the SEFA only to the extent of current‑year expenditures, if any. Outstanding loan balances are disclosed separately in the notes to the SEFA and are not included in total federal expenditures.