Odessa Methodist Housing Inc.

“Odessa methodist housing, inc. Was managed by sears methodist retirement systems, inc., the sponsor, for the year ended 12/31/14. During the year, sears methodist retirement systems, inc. Filed for bankruptcy, and odessa methodist housing, inc. Was incorrectly included in the bankruptcy. On august 18, 2015, hud intervened and assigned retirement housing foundation as the new sponsor. As part of the assignment of a new sponsor, foundation property management, inc. Became the new management company. Foundation property management inc. Has a project owner's and management agent's certification for multifamily housing projects with the u.s. Department of housing & urban development. Under this certification, hud has approved foundation property management, inc. To manage the odessa methodist housing, inc. Nonprofit housing corporation apartment community. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a sanitary and affordable environment.”

“In 2014, the corporation had one member, sears methodist retirement system, inc.”

“The auditing firm sends a draft of the return to the management company who forwards a copy of the return to each board member for their comments prior to filing.”

“The form 990 and all related financial and policy information are made available to the public upon written request.”

“During the year ended 12/31/14, none of the written policies referenced above were in place, therefore p.6 of the return reflects this. When retirement housing foundation took over as management company and sponsor on august 18, 2015, they implemented all of these policies, which are currently in place.”

“During the year ended december 31, 2014, sears methodist retirement systems, inc., the sponsor and agent, filed for bankruptcy. The property was incorrectly included in the bankruptcy of the sponsor and all managerial level staff of the management company left. On august 18, 2015, hud intervened to assign a new sponsor, retirement housing foundation, and as a part of the modified transfer of physical assets rhf agreed to assist the corporation in submitting the past-due financial statements for the year ended december 31, 2014. Because all managerial staff of the prior management company left, books and records were difficult to obtain. In order to to ensure accuracy, the tax return was prepared as soon as the audited financial statements were available, rather than before, resulting in a late filing.”