MODESTO AFFILIATED CHURCH HOUSING CORP

MODESTO AFFILIATED CHURCH HOUSING CORP MODESTO AFFILIATED CHURCH HOUSING CORPORATION IS A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF CALIFORNIA. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 178 UNIT COMMUNITY KNOWN AS RALSTON TOWER LOCATED IN MODESTO, CALIFORNIA. THE PROPERTY RECEIVES RENT SUBSIDIES THROUGH A HOUSING ASSISTANCE PAYMENTS CONTRACT WITH HUD. THE CONTRACT IS FOR A PERIOD OF TWENTY YEARS, EXPIRING SEPTEMBER 30, 2035, AND PROVIDES SUBSIDIES TO ELIGIBLE RESIDENTS TO ENABLE SUCH RESIDENTS TO LIVE IN SAFE, ADEQUATE HOUSING FACILITIES THEY COULD NOT OTHERWISE AFFORD.MODESTO AFFILIATED CHURCH HOUSING CORPORATION NOW FUNDS THE PROJECT THROUGH A SELLER CARRYBACK LOAN, AND IS THE MAJORITY MEMBER OF RALSTON TOWER RHF HOUSING, LLC. THE MAIN PURPOSE OF THIS ENTITY GOING FORWARD WILL BE A FINANCING ARM OF THE LOW INCOME HOUSING PROJECT THROUGH THE NEW PARTNERSHIP.