Notes to SEFA
The Project had received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the total federal expenditures presented in the Schedule. The outstanding capital advance balance as of December 31, 2025 was $0. HUD has fully released the Project from all obligations of the capital advance. On September 1, 2025, the Project converted its rental assistance from Section 202 Project Rental Assistance Contract (“PRAC”) to a Project-Based Rental Assistance Housing Assistance Payment (“PBRA HAP”) contract pursuant to HUD’s Rental Assistance Demonstration Program, Component II. Federal expenditures under the PRAC Program (Assistance Listing 14.157) represent costs incurred prior to the effective date of the PBRA HAP contract, while expenditures under the PBRA HAP Program (Assistance Listing 14.195) represent costs incurred subsequent to conversion.