Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS - BALANCE OF MORTGAGE NOTE PAYABLE, UNDER SECTION 207 PURSUANT TO SECTION 223(F) OF THE NATIONAL HOUSING ACT (14.155) - Balances outstanding at the end of the audit period were 932678.