Notes to SEFA
Title: Note C -Section 223(F) Mortgage Insurance For the Purchase of Refinancing of Existing Multifamily Housing Projects
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has a mortgage which is insured by the Department of Housing and Urban Development. As determined by 2 CFR Section 200.502(b) the federal expenditure amount represents the loan balance as of July 1, 2022. The balance of the mortgage loan outstanding as of June 30, 2023 is $916,556. The Organization received no additional loans during the year.