OAKLAND ESTATES APARTMENTS INC

OAKLAND ESTATES APARTMENTS, INC. IS AN INDIANA NOT-FOR-PROFIT CORPORATION AND WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 12 UNIT APARTMENT COMMUNITY IN ELKHART, INDIANA, KNOWN AS OAKLAND ESTATES APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT, AS AMENDED. THE CORPORATION HAS EXECUTED A REGULATORY AGREEMENT WITH HUD WHICH GOVERNS THE OPERATION OF THE PROJECT WITH THE FEDERAL HOUSING ADMINISTRATION (FHA) SECTION OF HUD. THE CORPORATION HAS ALSO ENTERED INTO A PROJECT RENTAL ASSITANCE CONTRACT (PRAC) 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.