Satellite Senior Homes

Provided general support to Satellite affordable housing associates (saha), a related California nonprofit public benefit corporation, in furtherance of saha's exempt purpose of developing affordable housing projects for the benefit of low and moderate-income families, elderly, and persons with disabilities.

The corporation was organized to provide rental housing for low and moderate-income elderly persons. Through december 21, 2022 the corporation owned and operated a total of 237 rental units. On december 22, 2022, one of the projects consisting of 50 rental units was sold to a limited partnership that will rehabilitate the building for continued use as a low-income housing project. The note receivable carried back from the sale is to be paid solely from future surplus cash generated by the limited partnership's operations of the low-income housing project. The remaining projects, consiting of 187 rental units, are regulated by hud as to rent charges, operating methods and other matters under section 236 of the national housing act.