Newtown Housing for the Elderly Inc

NEWTOWN HOUSING FOR THE ELDERLY, INC., ("NHE"), IS A NON-PROFIT ORGANIZATION ESTABLISHED TO PROVIDE LOW COST HOUSING FOR THOSE PERSONS AGED SIXTY-TWO OR OLDER AND TO THOSE PERSONS WHO ARE HANDICAPPED OR DISABLED. NHE OPERATES NUNNAWAUK MEADOWS, A 134-UNIT APARTMENT COMPLEX LOCATED IN NEWTOWN, CT. LONG-TERM FINANCING IS PROVIDED UNDER SECTION 515 OF THE HOUSING ACT OF 1949. NHE HAS ENTERED INTO AN INTEREST CREDIT AND RENTAL ASSISTANCE AGREEMENT WITH USDA-RURAL DEVELOPMENT ("USDA-RD"), WHEREBY RENTAL AND OPERATING METHODS ARE PRESCRIBED. USDA-RD IS A DIVISION OF THE U. S. DEPARTMENT OF AGRICULTURE AND IS MAJOR SOURCE OF REVENUE FOR NHE.