Notes to SEFA
The accompanying consolidated schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Housing Assistance 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 The Housing Assistance Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Housing Assistance Corporation.
The Housing Assistance Corporation had the following loan balances outstanding as of December 31, 2025: Program Title: Farm Labor Housing Loans - Loan Balance (Sugarloaf); Assistance Listing Number : 10.405; Amount Outstanding: $14,160; Program Title: Community Facilities Loans and Grants-Loan Balance; Assistance Listing Number: 10.766; Amount Outstanding: $424,141. Total - $438,301.
The Corporation is subject to the audit requirements of the U.S. Department of Agriculture Rural Development (RD) under 7 CFR §1944.422. As part of the audit procedures performed over borrower loan funds, a sample of participant Section 502 loan files was selected for testing. Specifically, approximately 10 percent of total participant loan files were reviewed, consistent with RD guidance when determining an appropriate sample size. The procedures performed included examination of participant files for compliance with applicable program requirements. These procedures were performed in conjunction with the audit conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS) and 2 CFR Part 200, as adopted by USDA through 2 CFR Part 400.