Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of New Community Hudson Senior Housing Corporation under programs of the federal government for the year ended December 31, 2025. 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 ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of New Community Hudson Senior Housing Corporation, it is not intended to and does not present the financial position, changes in net position, or cash flows of New Community Hudson Senior Housing Corporation.
The Project was financed by a capital advance from HUD in the amount of $6,395,641. The advance is secured by an enforcement mortgage on the property of the Organization. The mortgage, which matures in August 2038, bears no interest and repayment is not required so long as the housing remains available for very low-income elderly persons or very low-income persons with disabilities. Since the mortgage is not repayable so long as the Organization complies with HUD regulations, the proceeds from the mortgage have been recorded as net assets with donor restrictions. Upon maturity the Organization will release this amount from net assets with donor restrictions. The outstanding balance of the capital advance was $6,395,641 at December 31, 2025 and 2024