Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Corn Hill Housing Development Fund Corporation, HUD Project No. 014-HD099 (the Corporation), under programs of the federal government for the year ended March 31, 2022 and has been prepared in accordance with accounting principles generally accepted in the United States of America. 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 the Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1022747.
Title: Capital Advances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Corn Hill Housing Development Fund Corporation, HUD Project No. 014-HD099 (the Corporation), under programs of the federal government for the year ended March 31, 2022 and has been prepared in accordance with accounting principles generally accepted in the United States of America. 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 the Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation has received Section 811 capital advances from the U.S. Department ofHousing and Urban Developments Supportive Housing for Persons with Disabilities program (Assistance Listing No. 14.181). Under the terms of the capital advance agreements, the Corporation must continue to operate the project for the specified purpose for a period of forty years. Failure to operate the project in accordance with the capital advance agreement would result in the Corporation being required to repay HUD the entire capital advance, plus interest, since the date of the first advance.