MARION PROJECT III INC

MARION PROJECT III INC MARION PROJECT III, INC. (THE "CORPORATION") IS A NOT-FOR-PROFIT CORPORATION THAT WAS FORMED UNDER THE NOT-FOR-PROFIT STATUTES OF THE STATE OF IOWA. THE CORPORATION WAS FORMED FOR THE PURPOSE OF CONSTRUCTING, OWNING AND OPERATING A 40 UNIT COMMUNITY KNOWN AS TRINITY POINTE (THE "COMMUNITY") LOCATED IN MARION, IOWA, WHICH PROVIDES HOUSING FOR LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT.THE CORPORATION ENTERED INTO A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") WHICH CONTAINS, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFERRING ANY OF THE COMMUNITY'S PROPERTY, ASSIGNING THE RIGHTS TO MANAGE OR RECEIVE THE RENTS AND PROFITS OF THE PROPERTY OR ASSUMING ADDITIONAL INDEBTEDNESS. PURSUANT TO THE REGULATORY AGREEMENT, THE COMMUNITY MUST MAINTAIN 39 OF ITS 40 UNITS AS AFFORDABLE TO LOW INCOME ELDERLY PERSONS. THE COMMUNITY IS OBLIGATED TO RECERTIFY RESIDENT ELIGIBILITY ON AN ANNUAL BASIS.