Notes to SEFA
Title: FEDERAL LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awards activity
of Riverside Housing Development Corporation under programs of the federal government for the year ended June
30, 2023. 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 our operations, it is
not intended to and does not present our financial position, changes in net positions, or cash flows.
De Minimis Rate Used: N
Rate Explanation: We have elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation participates in housing programs where funds have been provided by Federal agencies as loans.
Outstanding balances for these loans were as follows:
Federal Program ALN No. 6/30/2022 Net Change 6/30/2023
HUD HOME Investment Partnerships Program 14.239
County of Riverside $ 3,237,748 $ - $ 3,237,748
City of Moreno Valley 2,279,100 - 2,279,100
City of Riverside 679,148 255,000 934,148
Program total 6,195,996 255,000 6,450,996
Total Federal Loan Balance $ 6,195,996 $ 255,000 $ 6,450,996