Kearney Villa Housing Corporation

“Sansone group is the managing agent for the property. They are paid a fee of 9.0% of gross income, and a fee of 10% for all covered construction work for the management of construction projects, as authorized by the us dept of housing and urban development. The managing agent oversees the property, provided all accounting functions and compliance with hud regulations. Sansone group personnel meets on a quarterly basis with the management/officer of the nfp organization to discuss the financial statements and inform them of events that transpired since the last meeting. The items discussed are documented and sent to the board at a later date.”

“Copy of the complete tax return is sent to the president for his signature. The president then reviews the return and sends to the other board members. When the signed copy is received back by the preparer, the return is electronically filed.”

“Directors and/or officers of the coporation are voluntary positions and are not paid any compensation or reimbursed for their time and services.”

“All officer positions are purely voluntary. Officers are not compensated in any manner.”

“The coporation is a not for profit entity formed to provide safe and affordable housing to the very low income and the elderly. The entity is governed by rules and regulations issued by the us dept of housing and development (hud). The general public would have no reason to request any such information. If required by vendors for sales tax, the agent provides a certificate of tax exempt status.”

“Kearney villa housing coporation owns and operates a 31 unit apartment complex that provides safe and affordable housing to very low income families. The corporation's activities are operated under section 202 of the national housing act and regulated by rules and regulations of the us department of housing and urban development (hud). Hud provided the initial loan to construct the facility and provides much of the continuing support by way of monthly rent subsidy section 8 - housing assistance payments for the elderly. The hap contract is a rent assistance program for low income families. Eligible low income tenants pay 30% of their income as rent while hud pays the difference between the contract rent and the rent paid by the tenant.”