Bethany Village Apartments Inc

“Bethany village apartments, inc. Is managed by bvm management company, inc., a professional property management company. Bvm has a hud project owners and management agents certification for multi-family housing projects regulated by the u.s> department of hud. Under this certification, hud has approved bvm management company, inc. To manage the daily operations of the bethany village apartments community.”

“The members of the corporation consist solely of independent volunteer board members who have contributed their time and talents to the oversight of the project.”

“At the mandatory annual meeting, the members of the corporation shall select four directors to serve three year rotating terms to commence at the subsequent meeting of the board of directors. The executive vice president of bethany village ministries, inc. Shall be the fifth member of the board of directors by virtue of his office. The number of directors may be changed from time to time by an adopted resolution of the board.”

“The by-laws of the corporation may be altered, amended, repealed and new by-laws adopted only by the affirmat1ve vote of a majority of the members of the corporation at any regular meeting or any special meeting called for such purpose.”

“The paid tax preparer sends a draft of the tax return to the management company, who then forwards tha copy to each board member for their review and comments prior to filing.”

“The form 990 and all related f1nanc1al and policy 1nformat1on are made available to the public upon written request.”

“Bethany village apartments, inc. (the project) was organized to construct, own and operate a 100-unit apartment community in indianapolis, indiana, known as bethany village apartments, pursuant to section 202 of the national affordable housing act as amended. The project has executed a regulatory agreement with hud, which governs the operation of the project with the federal housing administration (fha) section of hud. The project has also entered into a housing assistance payment contract (hap contract) with hud. The hap contract is a rent assistance program for low-income families (or persons) as provided by the section 8 program of the national housing act. Eligible low-income tenants pay 30% of their income as rent while hud pays the difference between this rental amount and contract rent (as defined). The project can request from hud an additional amount equal to 80% of contract rent during periods that the unit is vacant if certain conditions are met, but not to exceed 60 days. If the unit continues to be vacant after the 60-day period, the project may submit a claim and receive additional housing assistance payments on a semi-annual basis, if certain conditions are met as outlined in the hap contract. The hap contract, among other items, prohibits the sale, assignment, conveyance or transfer of the hap contract on all or any part of the project without the prior consent of hud.”