Forsyth Economic Ventures Inc

“The housing authority of the city of winston-salem is the sole member of the corporation.”

“The 990 return is reviewed by the cfo and director of finance. The information is discussed with the board and copies of all returns are available for their review.”

“The organization has a written conflict of interest policy. That policy is distributed and reviewed with all employees and board members yearly. They are requred to sign that they have received, read and understand the policy. That information is kept in the personnel files.”

“All information governing the authority and its instrumentalities are available for review at the housing authority. Those documents are also included in our annual plan that is posted on hud's website annually.”

“Forsyth economic ventures, inc., a blended component unit of the authority, obtained financing to repay the $2,200,000 wells fargo bank loan with a loan of $2,000,000 from first citizens bank. The loan carries an interest rate of 3.5%. The loan is secured by the loewy building and was set to mature on march 18, 2023. The loan was refinanced as now has an inerest rate of 5.4% and matures on june 25, 2028. Monthly payments of principal and interest are now due in the amount of $11,150. Accrued interest as of september 30, 2024 is $5,731. The end of year balance due is $1,273,485. Forsyth economic ventures, inc., a blended component unit of the authority, executed a loan agreement with the city of winston-salem in the amount of $1,600,000. $900,000 shall be disbursed at closing for the acquisition of the property and carries an interest rate of 0%. Repayment of the loan in full is due on the sale or transfer of the property. The remaining $700,000, for the demolition and rehabilitation of the dwelling units shall be deferred for the first 20 year period. During this period, a payment in lieu of taxes will not exceed $10,000. Half of the payment will go towards reducing the loan balance. Following the deferral period the loan shall become an amortizing loan with no interest for an additional 20 years. The loan is secured by a deed of trust and matures 40 years from the commencement date. The end of year balance due is $1,410,294. Forsyth economic ventures, inc., a blended component unit of the authority, executed a promissory note with first bank in the amount of $1,420,000. The loan carries an interest rate of 4%. The loan is secured by the loewy building and matures on may 12, 2022. In april 2022, the loan was refinanced with an interest rate of 3.99% and a maturity date of 2032. Monthly payments of principal and interest are due in the amount of $7,471. Accrued interest as of september 30, 2024 is $3,832. The end of year balance due is $1,226,265. Forsyth economic ventures, inc., a blended component unit of the authority, executed a promissory note that assumes the debt from the north carolina housing finance agency in the amount of $600,000. The loan is subject to forgiveness as long as the authority is providing housing to nine of the units of the commons that are noted to be available for families at or below 50% of the area median income and will be forgiven in 2041. The note does not accrue interest. The end of year balance due is $600,000. Forsyth economic ventures, inc., a blended component unit of the authority, executed a promissory note with first citizens bank. The loan carries an interest rate of 3.99%. The loan is secured by a deed of trust and matures on april 7, 2032. Monthly payments of principal and interest are due in the amount of $5,477. Accrued interest as of september 30, 2024 is $2,746. The end of year balance due is $825,906.”