Theresa Maxis Apartments

Marygrove Non-Profit Housing Corp. ("Marygrove") owns, operates and manages an 80-unit multi-family apartment complex (the "project") for elderly and handicapped individuals located in detroit, Michigan under section 202 of the national Housing act and is regulated by the u.s. department of Housing and urban development ("hud") with respect to rental charges and operating methods. Marygrove receives rent supplements from the federal government under the section 8 program and is subject to a mortgage from hud. The project's major programs are its section 202 direct loan and the assistance received from the section 8 program.