MACON HOUSING DEVELOPMENT CORPORATION

MACON HOUSING DEVELOPMENT CORPORATION WAS ORGANIZED TO CONSTRUCT, OWN, AND OPERATE A 32-UNIT APARTMENT COMMUNITY IN FRANKLIN, NORTH CAROLINA, KNOWN AS OAK FOREST APARTMENTS, PURSUANT TO SECTION 223(F) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. THE CORPORATION HAS ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP CONTRACT) WITH HUD. THE HAP CONTRACT PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS) AS PROVIDED BY THE SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT.