Villa Teresa Inc

The organization is a nonprofit corporation organized in santa fe, New Mexico in 1983 to operate an apartment complex of 48 units for elderly persons under section 202 of the national housing act. Such projects are regulated by u.s. Department of housing and urban development (hud) as to rent charges and method of operations. The property retired the debt due under section 202 direct loan in april 2012. The new debt carries mortgage insurance under section 207, pusuant to section 223. The project is also subject to section 8 housing assistance payments agreements with hud, and a significant amount of the project's rental income is received as hud subsidies.