THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO DEVELOP, OWN AND OPERATE A 41 UNIT APARTMENT COMMUNITY IN WAKE FOREST, NC KNOWN AS TURNBERRY APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT AGREEMENT (PRAC) WITH HUD PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS).