Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of East Brunswick Community 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 East Brunswick Community Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of East Brunswick Community Housing Corporation.
Federal awards expenditures are reported on the statements of activities as program expenses. The expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America.
All HOME funds invested in the project shall be promptly repaid to Middlesex County if the housing ceases to qualify as affordable housing under the terms of HOME regulations, a thirty year period of affordability is in effect for the funds received in 1999 through 2013 and a fifteen year period of affordability for the funds received 2013 through 2020. At the end of the affordability period, the individual loans shall be forgiven if all terms and conditions of the HOME agreement have been met. Total HOME funds received and subject to repayment as of December 31, 2025 amount to $4,599,400.