JPC Charities (the “Sole Member”) is an Ohio nonprofit corporation formed on June 17, 2013, for the purpose of providing quality, affordable housing to persons of low income across the United States. The Sole Member has received a determination letter from the IRS dated November 8, 2013 for its tax-exempt status, effective June 17, 2013 (the “Determination Letter”), to the effect that the Sole Member is an organization described in Section 501(c)(3) of the Code and can reasonably be expected to be a publicly supported organization described in Section 509(a)(2) of the Code and not a private foundation. The table lists other affordable residential rental housing projects owned and operated by the Sole Member and its affiliates. These properties and the revenue generated from these properties do not (and will not) secure the principal of or interest on the Peachtree Commons Apartments bond financing.
Each member of the Sole Member’s affiliated group, other than the Borrower, that owns real estate, acquired its property through various financial transactions. No affiliate has any legal responsibility for the debts of any other, and the financial covenants relating to the debt of each affiliate preclude that affiliate from providing any financial support to other affiliates. The subsequent success or failure of the individual financings have therefore turned on the performance of management, local and industry market conditions, reimbursement systems and other factors affecting the operations of the individual facilities. It is possible that under certain circumstances one or more affiliates of the Sole Member may have to restructure their debt in the future to comply with future financial liabilities.
|Property Name||Location||# of units||Section 8 HAP Contract||Property type|
|Eagles Trace Apartments||Columbus, GA||383||No||Multi-family|
|Brinton Manor Apartments||Pittsburgh, PA||219||Yes||Multi-family|
|Brinton Towers Apartments||Pittsburgh, PA||219||Yes||Senior|
|Woodhaven Park Apartments||Indianapolis, IN||304||No||Multi-family|
|Estates at Crystal Bay Apartments||Indianapolis, IN||432||No||Multi-family|
|Capital Place Apartments||Indianapolis, IN||324||No||Multi-family|
|Covington Square Apartments||Indianapolis, IN||212||No||Multi-family|
|Fox Club Apartments||Indianapolis, IN||336||No||Multi-family|
|Lakeside Point at Nora Apartments||Indianapolis, IN||588||No||Multi-family|
|Woods at Oak Crossing Apartmetns||Indianapolis, IN||321||No||Multi-family|
|The Pavilion||Philadelphia, PA||295||Yes||Senior|