Audit 51231

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of CentralCity Housing Development Corporation and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of Central City Housing Development Corporation, it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of Central City Housing DevelopmentCorporation.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Central City Housing DevelopmentCorporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramCentral City Housing Development Corporation has received a U.S. Department of Housing and UrbanDevelopment insured loan under Section 223(f) of the National Housing Act. The loan balance outstandingat the beginning of the year is included in the federal expenditures presented in the Schedule. Central CityHousing Development Corporation received no additional loans during the year. The balance of the loanoutstanding at June 30, 2022 consists of:Outstanding BalanceCFDA Number Program Name at June 30, 202214.155 Mortgage Insurance for Purchase of or Refinancingof Existing Multifamily Housing Projects $ 2,593,530 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 (14.155) - Balances outstanding at the end of the audit period were 2593530.