ST PATRICK MANOR

ST. PATRICK MANOR, INC. (THE PROJECT), A NOT-FOR-PROFIT ENTITY, OWNS AND OPERATES A 50-UNIT APARTMENT PROJECT LOCATED IN WELLINGTON, OHIO. THE PROJECT COMMENCED OPERATIONS IN JULY 1999. THE PROJECT IS OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OF 1959 AND IS REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS. THE PROJECT'S MAJOR PROGRAM IS ITS SECTION 202 CAPITAL ADVANCE WHICH PROVIDED THE MAJORITY OF THE FUNDING TO DEVELOP THE PROJECT. THE PROJECT IS ALSO SUBJECT TO A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) WITH HUD, AND A PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD.