Mission

MONTICELLO ECUMENICAL RETIREMENT CENTER, INC. (THE "ORGANIZATION") WAS INCORPORATED JUNE 2, 1982 AS A NON-PROFIT ORGANIZATION. THE PRIMARY PURPOSE OF THE ORGANIZATION IS TO PROVIDE HOUSING FOR THE ELDERLY OR THE HANDICAPPED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED. THE ORGANIZATION OPERATES ANNSWOOD APARTMENTS (THE "PROJECT"), AN APARTMENT COMPLEX OF 62 RENTAL UNITS LOCATED IN MONTICELLO, ARKANSAS. THE PROJECT LEASES THE APARTMENTS UNDER OPERATING LEASES THAT ARE SUBSTANTIALLY ALL ON A MONTH-TO MONTH BASIS. THE PROJECT'S MAJOR PROGRAM IS ITS SECTION 202 DIRECT LOAN. THE PROJECT IS REGULATED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AS TO RENT CHARGES AND OPERATING METHODS. AS A NON-PROFIT OWNER OF THE PROJECT, THE ORGANIZATION IS NOT ENTITLED TO DISTRIBUTIONS OF PROJECT FUNDS UNDER THE TERMS OF THE REGULATORY AGREEMENT WITH HUD.