LASALLE PARK HOMES II INC

LASALLE PARK HOMES II, INC. IS AN INDIANA NOT-FOR-PROFIT CORPORATION WHICH WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 42 UNIT APARTMENT COMMUNITY IN SOUTH BEND, INDIANA KNOWN AS WILLIAM C. ELLISON RESIDENCE, PURSUANT TO SECTION 202 OF THE NATIONAL AFFORDABLE HOUSING ACT. THE CORPORATION HAS EXECUTED A REGULATORY AGREEMENT WITH HUD WHICH GOVERNS THE OPERATIONS OF THE PROJECT WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. IT 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.