Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of theCorporation under programs of the federal government as of and for the year ended December 31, 2022. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present thefinancial position, changes in net assets or cash flows of the Corporation. The above Federal Expenditures total $1,946,962. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or arelimited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years. Passthrough entity identifying numbers are presentedwhere applicable. The Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1913224. NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMThe Corportation has received a U.S. Department of Housing and Urban Development mortgage insruance loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federalexpendiutres presented in the Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding at December 31, 2022 consists of: Assistance Living Number: 14.155 Program Name: Mortgage Insurance for the Purchase or Refinancing ofExisting Multifamily Housing Projects Outstanding Balance December 31, 2022: $ 1,913,224