Notes to SEFA
Title: Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is the activity of the loan payable for the year ended December 31, 2022: Assistance Listing Number 14.135, Program Name: Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate (Section 221(d)(4)), Loans Outstanding December 31, 2021: $13,848,008, Loans Awarded for the Year Ended December 31, 2022: $0, Loan Principal Repaid for the Year Ended December 31, 2022: $215,209, Loans Outstanding December 31, 2022: $13,632,799.