YORK SENIOR PROPERTIES INC

THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 40 UNIT APARTMENT COMMUNITY IN YORK, SOUTH CAROLINA KNOWN AS WHITE OAKS APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS) AS PROVIDED BY SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT.