Notes to SEFA
The Corporation has entered into a Capital Advance Program Mortgage Note (the Note) for a capital advance not to exceed $2,505,200, of which $2,492,500 has been advanced as of December 31, 2025. The note bears no interest and repayment is not required as long as the housing project remains available for very low-income elderly persons, in accordance with Section 202 of the Housing Act of 1959 and the Project Rental Assistance Contract and is operated in accordance with the regulatory agreement and HUD regulations. The Note is secured by the mortgage upon the land, building and equipment and other amounts held by the Corporation.