Wilnor Corporation

PROVIDED AFFORDABLE HOUSING FOR THOSE 62 YEARS OF AGE OR OLDER.

WILNOR CORPORATION (CORPORATION) WAS FORMED JUNE 16, 1966, TO ACQUIRE AN INTEREST IN REAL PROPERTY IN LOS ANGELES, CALIFORNIA AND TO CONSTRUCT AND OPERATE THEREON WILSHIRE CHRISTIAN MANOR, AN APARTMENT COMPLEX PROJECT (PROJECT) OF 287 UNITS, UNDER SECTION 202 OF THE NATIONAL HOUSING ACT.IN AUGUST 2013, THE CORPORATION ENTERED INTO AN AGREEMENT TO SELL THE PROJECT'S LAND AND BUILDING. ON MARCH 14, 2015, THE CORPORATION COMPLETED THE SALE OF THE PROJECT'S LAND AND BUILDING FOR $8,500,000 TO WILSHIRE TOWERS, LP, A CALIFORNIA LIMITED PARTNERSHIP WITH HOUSING CORPORATION OF AMERICA, A UTAH NONPROFIT CORPORATION, ITS GENERAL PARTNER. A GAIN OF $7,544,044 WAS REALIZED. AS PART OF THE SALE, THE MORTGAGE PAYABLE BALANCE TO HUD OF $391,239 WAS REPAID IN ADVANCE. IN ACCORDANCE WITH SECTION 811 OF THE AMERICAN HOMEOWNERSHIP AND ECONOMIC OPPORTUNITY ACT OF 2000, HUD HAS AGREED TO ALLOW THE CORPORATION TO PREPAY THE SECTION 202 DIRECT LOAN, PROVIDED THE BUYER CONTINUES TO OPERATE THE PROJECT ON TERMS AT LEAST AS ADVANTAGEOUS TO EXISTING AND FUTURE TENANTS AS THOSE REQUIRED BY THE ORIGINAL SECTION 202 DIRECT LOAN AGREEMENT, AND, WHERE APPLICABLE, BY SECTION 8 OR ANY HUD RENTAL ASSISTANCE PAYMENTS CONTRACT, AND ALL APPLICABLE FEDERAL REGULATIONS, FOR NOT LESS THAN TWENTY YEARS FOLLOWING THE MATURITY DATE OF THE ORIGINAL SECTION 202 DIRECT LOAN. ACCORDINGLY, THE USE AGREEMENT SHALL REMAIN IN EFFECT UNTIL NOVEMBER 1, 2037.IN THE LATER HALF OF 2016, THE ORGANIZATION DISTRIBUTED ITS CASH ASSETS, NET OF EXPENSES, TO VARIOUS LEGALLY RECOGNIZED PUBLIC CHARITIES SERVING IN THE SENIOR HOUSING SECTOR.