Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant awards of the New York State Housing Finance Agency (the Agency) under programs of the federal government for the year ended October 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Agency.
Expenditures reported on the Schedule are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Agency has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
In 2008 the Housing and Economic Recovery Act created the National Housing Trust Fund. The purpose of the funding was to provide grants to state governments to increase and preserve the supply of rental housing for extremely low- and very low-income families, including homeless families, and to increase homeownership for extremely low- and very low-income families. There were $127.4 million in Housing Trust Fund loans outstanding at October 31, 2024.