Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This schedule is prepared on the same basis of accounting as the Authority's financial statements. The Authority uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were $626,271. HOUSING TRUST FUND (14.275) - The AUthority was approved by the WA Dept of Commerce to receive a federal loan of up to $3,112,193 for construction of the Willapa Center, which is a mixed-use project containing 30 units of affordable housing, a childcare facility which will contain two classrooms and accessory spaces operated by the Raymond School District, and additional space for social service providers. During the year, draws of $2,031,225 were made on this loan. Balances outstanding at the end of the audit period were $2,800,974. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were $557,813.