THE ORGANIZATION OWNS AND OPERATES A 25 UNIT APARTMENT COMPLEX FOR LOW INCOME ELDERLY RESIDENTS. FUNDING FOR THE PROJECT IS MADE AVAILABLE THROUGH A SECTION 202 DIRECT LOAN. THE PROJECT IS ALSO SUBJECT TO PROJECT RENTAL ASSISTANCE CONTRACTS (PRAC) WITH THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). REVENUES ARE PRIMARILY TENANT RENTAL PAYMENTS AND HOUSING ASSISTANCE PAYMENTS WHICH OFFSET THE ONGOING EXPENSES TO OPERATE THE APARTMENT UNITS.