Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Dona Petra Santiago Apartments Housing Development Fund Corporation (the "HDFC") and is presented on the accrual basis of accounting. 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the HDFC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the HDFC.
On September 25, 2009, the Project entered into a Capital Advance/Building Loan Agreement under Section 202 of the National Housing Act of 1959 for the development of housing serving the elderly households. The HDFC was advanced $9,101,000. The advance need not be repaid so long as the housing remains available to elderly persons through March 1, 2051.