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 June 30, 2022: Assistance Listing Number: 14.155, Program Name: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 223(f)/207), Loans Outstanding at June 30, 2021: $6,203,631, Loans Awarded for the Year Ended June 30, 2022: $0, Loan Principal Repaid for the Year Ended June 30, 2022: $114,095, Loans Outstanding June 30, 2022: $6,089,536.