Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Southeastern Housing Preservation, Inc., under programs of the federal government for the year ended September 30, 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 Southeastern Housing Preservation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southeastern Housing Preservation, Inc.
The apartment projects of Southeastern Housing Preservation, Inc. had the following loan balances outstanding as of September 30, 2025: Program Title/Project - Assistance Listing Number - Amount Outstanding; Rural Rental Housing Loans - Springfield Apartments - 10.415 - $272,886.84; Rural Rental Housing Loans - Springwood Apartments - 10.415 - $497,476.76; Total Loans: $770,363.60.
Southeastern Housing Preservation, Inc., received federal financial assistance from the U.S. Department of Transportation, Federal Highway Administration (FHWA) passed through the South Carolina Department of Transportation (SCDOT) under an Amended and Restated Cooperative Intergovernmental Agreement related to housing mitigation activities associated with the I‑526 Improvement Project. The Organization is deemed a subrecipient, as defined in 2 CFR 200.1, and federal expenditures are reported on the SEFA as costs are incurred in accordance with the terms of the pass‑through agreement. The assistance is reported under the Highway Planning and Construction Cluster, when applicable, based on the nature and source of the funding.
The Organization received Community Development Block Grant (CDBG) funds as a subrecipient of the City of Suffolk, Virginia. The funds were used for the development of Saratoga Place and were provided in the form of a forgivable loan.