TRIANGLE ELDERLY HOUSING
Mission
IN JUNE OF 2011, CARY CENTRAL ELDERLY HOUSING, SMITHFIELD ELDERLY HOUSING, PRINCETON ELDERLY HOUSING AND KENLY CENTRAL ELDERLY HOUSING WERE MERGED TOGETHER TO FORM TRIANGLE ELDERLY HOUSING CORPORATION. CONCURRENT WITH THIS MERGER, EACH PROJECT REFINANCED THEIR HUD SECTION 202 DIRECT LOAN WITH ONE HUD MORTGAGE INSURED UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 74 HUD-ASSISTED ELDERLY HOUSING UNITS IN EASTERN NORTH CAROLINA. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. THE PROJECT'S MORTGAGE IS ITS MAJOR HUD PROGRAM. THE PROJECT'S SECTION 8 RENTAL ASSISTANCE CONTRACT IS ITS NON-MAJOR PROGRAM. FOR THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 287,958, REPRESENTING 50.3% OF TOTAL REVENUE.
Financials
| Year | Revenue | Expenses | Assets |
|---|---|---|---|
| 2023 | $591k | $0 | $1.8M |
Compensation
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