Notes to SEFA
The Company has received a Section 202 capital advance from the U.S. Department of Housing and Urban Development’s Supportive Housing for the Elderly program (CFDA No. 14.157). Under the terms of the capital advance agreement, the Company must continue to operate the residence for the specified purpose for a period of forty years. Failure to operate the project in accordance with the capital advance agreement would result in the Company being required to repay HUD the entire capital advance, plus interest, since the date of the first advance.