Notes to SEFA
The Tacoma Community Redevelopment Authority has several revolving loan programs for low-income housing rehabilitation and low income down payment assistance to assist with purchasing a home. Under these federal programs, repayments to the Authority are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The total amount of loan funds disbursed to program participants for the year for rehabilitation was $508,506.82 and none was disbursed for down payment assistance. The disbursements are presented in this Schedule. The amount of principal, interest and fees received in loan repayments for the year for rehabilitation was $660,016.25 and $55,473.02 for down payment assistance program.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Authority’s portion, are more than shown. Such expenditures are recognized following the cost principles contained Title 2 U.S. Code of Federal Regulations Part 2000, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.