FAIRFIELD GARDEN COURT INC

FAIRFIELD GARDEN COURT, INC. (AN INDIANA NOT-FOR-PROFIT CORPORATION) WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 25 UNIT APARTMENT COMMUNITY IN PLYMOUTH, INDIANA, KNOWN AS FAIRFIELD GARDEN COURT, PURSUANT TO SECTION 202 OF THE NATIONAL AFFORDABLE HOUSING ACT, AS AMENDED. THE ORGANIZATION HAS EXECUTED THE STANDARD REGULATORY AGREEMENTS WITH HUD THAT GOVERN THE OPERATIONS OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION (FHA). IN ADDITION, 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.