CULVER GARDEN COURT INC

CULVER GARDEN COURT, INC. (AN INDIANA NOT-FOR-PROFIT CORPORATION) WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 13 UNIT APARTMENT COMMUNITY IN CULVER, INDIANA, KNOWN AS CULVER GARDEN COURT, PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION 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 FAMILIES OR PERSONS AS PROVIDED BY THE SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT.