Notes to SEFA
Mortgage Insurance Rental Housing for the Elderly (14.138) - Balances outstanding at the end of the audit period were $3,586,554.
On May 28, 2014, the Organization refinanced the previous mortgage note payable. The note bears interest at a rate of 3.94% per annum and requires monthly principal and interest payments of $26,000 until its maturity date of October 1, 2041. This note is insured by the U.S. Department of Housing and Urban Development (HUD), and secured by a first mortgage on the Organizations real estate. The terms of the note require maintenance of various covenants and compliance with certain Federal Housing Administration and HUD requirements under CFDA 14.138. The balance on the note at June 30, 2026 was $3,586,554.