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 matures on march 18, 2023. Monthly payments of principal and interest are due in the amount of $16,027. Accrued interest as of september 30, 2019 is $5,285. The end of year balance due is $1,813,549. Forsyth economic ventures, inc., a blended component unit of the authority, executed a loan agreement with thw 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 $1,435,425. 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. Monthly payments of principal and interest are due in the amount of $7,500. Accrued interest as of september 30, 2019 is $5,010. The end of year balance due is $1,409,153.”

“The organization has a committee responsible for the oversight of the audit as well as the selection of the independent accountant.”