200 Oblate Incorporated
Rating: 0 stars 0 0 review 115
C/o Mission Road 8706 Mission Road San Antonio TX 78214 USA
The corporation is a supervised apartment program for adults with intellectual and other developmental disabilities who need minimal supports. The goal of the program is to provide supportive services to assist and optimize the independence and productivity of the adults in an affordable living arrangement.
Organization - the corporation was organized on january 14, 1994 as a non-profit corporation to acquire an interest in real property located in san antonio, texas, and to construct and operate thereon an apartment complex of 16 units, under section 8 and 811 of the national housing act. Such projects are regulated by hud as to rent charges and operating methods. The construction of the apartment complex was completed on august 14, 1996. Rent on the apartment units began on september 4, 1996. A mortgage in the amount of $868,200 was funded by hud for the total construction and administration of the project. This mortgage will bear no interest and repayment is not required while the housing remains available for very low-income persons with disabilities in strict compliance with section 811 of the national housing act for a period of forty years. It is the sponsors intention to adhere to these policies for the required time period. The mortgage has not been amortized and the original funded amount is reflected as a long-term liability in these financial statements. The project is also subject to section 8 housing assistance payments agreements with hud, and a significant portion of the project's rental income is received from hud. The corporation provides affordable housing for persons with intellectual and other developmentaldisabilities. Approximately 29 people were provided housing during the fiscal year ended june 30, 2014. Total housing assistance from hud during the year ended june 30, 2014 was $99,255.
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