MOUNT ZION SHELTERING ARMS FOR THE ELDERLY INC

MOUNT ZION SHELTERING ARMS FOR THE ELDERLY INC THE CORPORATION IS A NONPROFIT CORPORATION ORGANIZED UNDER THE LAWS OF THE STATE OF TEXAS, FOR THE PURPOSE OF DEVELOPING AND OPERATING AN APARTMENT COMPLEX OF 40 UNITS IN SAN ANTONIO, TEXAS. THE PROJECT IS SPONSORED BY MOUNT ZION FIRST BAPTIST CHURCH AND PROVIDES SUBSIDIZED HOUSING TO THE ELDERLY. THE CORPORATION WILL OPERATE UNDER THE PROVISIONS OF SECTION 8 AND 207/223(F) OF THE NATIONAL AFFORDABLE HOUSING ACT AND BE REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS. THE REGULATORY AGREEMENT DOES NOT PERMIT ANY DISTRIBUTIONS TO THE CORPORATION SINCE IT IS A NON-PROFIT ENTITY. THE PROJECT OPERATES UNDER THE PROVISIONS OF SECTION 8, WITH MORTGAGE INSURANCE PROVIDED BY THE FEDERAL HOUSING ADMINISTRATION OF THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD).