Mission
THE CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 40 UNIT APARTMENT COMMUNITY IN FAIR BLUFF, NC KNOWN AS CYPRESS VILLAGE APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AND ENTERED INTO THE STANDARD GHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY WITH THE FHA SECTION OF HUD. A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP) PROVIDES BY SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT. THE APPARTMENT COMPLEX WAS SOLD DURING THE FISCAL YEAR ENDED 6/30/26 AND THE CONTRACT WITH HUD WAS CLOSED. CURRENTLY THE CORPORATION IS HOLDING THE NET PROCEEDS FROM THE SALE AWAITING TO DETERMINE THE BEST USE OF THE FUNDS TO FULFILL ITS MISSION.