Ebenezer Primm Towers

THE ORGANIZATION PROVIDES AFFORDABLE HOUSING TO ELIGIBLE LOW - INCOME TENANTS. TENANTS PAY A PORTION OF THE RENT BASED ON THEIR ABILITY TO PAY AS DETERMINED PURSUANT TO HUD GUIDELINES.IN 2022 THE ORGANIZATION'S RENTAL PROPERTY WAS SOLD TO A LOW-INCOME HOUSING TAX CREDIT (LIHTC) LIMITED PARTNERSHIP IN ORDER TO FINANCE A COMPLETE RENOVATION. THE ORGANIZATION HAS AN INTEREST IN THE GENERAL PARTNER, EBENEZER-PRIMM LLC, WHICH HAS ELECTED TO BE TAXED AS A REGULAR C CORPORATION.THE ORGANIZATION HAS CARRIED BACK A PURCHASE MONEY NOTE FROM THE LIHTC LIMITED PARTNER IN THE AMOUNT OF $4,350,000 WHICH CARRIES INTEREST AT 3.35% COMPOUNDED ANNUALLY AND WHICH IS PAYABLE IN ACCORDANCE WITH THE TERMS OF THE NOTE. A LIQUIDITY RESERVE IN THE AMOUNT OF $500,000 IS HELD IN THE NAME OF THE ORGANIZATION UNDER THE CONTROL OF THE LIMITED PARTNERSHIP INVESTOR. THE NOTE AND THE INTEREST IN THE GENERAL PARTNER COMPRiSE ALL OF THE ORGANIZATION'S REMAINING ASSETS.