Sacred Heart Manor

SACRED HEART MANOR, INC. (THE PROJECT), A NOT-FOR-PROFIT ENTITY, OWNS AND OPERATES A 40-UNIT APARTMENT PROJECT LOCATED IN AKRON, OHIO. THE PROJECT COMMENCED OPERATIONS IN OCTOBER 2005. THE PROJECT IS OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OF 1959 AND IS REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS.THE PROJECT'S MAJOR PROGRAM IS ITS SECTION 202 CAPITAL ADVANCE WHICH PROVIDED THE MAJORITY OF THE FUNDING TO DEVELOP THE PROJECT. THE PROJECT ALSO IS SUBJECT TO A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) WITH HUD, AND A PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD.