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SRCORPORg110N <br />May 13, 2008' <br />Ms. Tara I: ikes <br />D%rector <br />Orange County Housing artd Community,Devetopment Dept: <br />P.O. Box 8181 <br />300 West Tryon Street <br />Hillsborough, NC 2727$' <br />RE; Whined Forest Apartments <br />115 Holiday Park Kaad <br />Hillsborough; NC 21278 <br />Dear Ms. Fikes: <br />t~C'D MAY ~ 6 20 <br />This letter is in reference to the current economic situation at Whiffed Forest Apartments. As you <br />are aware there is a seeond.mortgage which was'ssued'by your offices and has a required. <br />payment for 2007 of $t I,108.OU. Please allow us'to explain our cur~~ent situation. <br />In March ofthis year a partnership- meeting was held to discuss the ongoing issue of the <br />property's Real Estate Tax Abatement and the inability of Hillsborough Affordable Housing <br />Corporation to meet:.partnership ©perating defcits. As you may be awa~•e the Real Estate Tax. <br />Abatement F~as withdrawn by the Gouniy claiming the properly had to be owned 100% by a non <br />profit. On March 12, 2008 Hillsborough Affordable Housing Corporation withdrew as the <br />General Partner due to its liability to :meet operat=ing deficit requirements, Art-affili~t~e oftho <br />Limited Partner,_Shelter Resources Corporation, became the iiew Genera! Partner'. <br />The-new General Partner funded the Real Estate tax bill in March 2003'in the amount of $24,870:.. <br />The property has no reserve accounts since the County taxing authority seizedthe Partnership's; <br />reserve accounts and the other cash: accounts to pay for the 2406: real estate taxes. Additio~ially <br />the property continues to suffer with vacancy losses ofgreater#Itan 10% and as of Mhy I, 2008. <br />the plrysical vacancy at the property was 20%. <br />Due to the ~tery unfavorable. economic conditions of the property, v~~e respectfully regrzest_a <br />deferral of the 2007 principal and. nteresf pa}~rnent to Orange County in the amount of $11,1 D8. <br />(f you should require any additional information„please contact me at 714-662-5565 Ext. 1 l3 <br />Sincerely, <br />David Shafer <br />President <br />Shelter Resource Corporation. <br />='• t'~ 17782 Sky Park Circle ~ Irvine:., CA 92G i ~ G4tf4 • Phone 714/CG2-55GS ~ FAX 714/G62-4412. ~ tiv+vFV.wn~inccom <br />