SOUTHERN HILLS HOUSING CORPORATION

SOUTHERN HILLS HOUSING CORPORATION WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 10 UNIT GROUP HOME IN JASPER, INDIANA, KNOWN AS CLIFFORD BIERS HOMES , PURSUANT TO SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT OF 1990, AS AMENDED. THE CORPORATION HAS EXECUTED A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WHICH GOVERNS THE OPERATION OF THE PROPERTY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. IN ADDITION, THE CORPORATION HAS ALSO ENTERED INTO A PROJECT RENTAL ASSISTANCE CONTRACT. THE PRAC IS A RENT ASSISTANCE PROGRAM FOR LOW INCOME FAMILIES (OR PERSONS).