BLUE RIVER CHURUBUSCO INC

THE INDIANA NOT FOR PROFIT CORPORATION WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 22 UNIT APARTMENT COMMUNITY IN CHURUBUSCO, INDIANA KNOWN AS BLUE RIVER CHURUBUSCO. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS EXECUTED A REGULATORY AGREEMENT WITH HUD WHICH GOVERNS THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION (FHA) SECTION OF HUD. THE CORPORATION HAS ALSO ENTERED INTO A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC CONTRACT) WITH HUD. THE PRAC CONTRACT IS A RENT ASSISTANCE PROGRAM FOR LOW INCOME FAMILES (OR PERSONS) AS PROVIDED BY THE SECTION 8 OF THE NATIONAL HOUSING ACT.