SSHPC


State Street Housing Preservation Corporation

The Corporation is organized exclusively for charitable, scientific, literary, and educational purposes as set forth in the Articles of Incorporation.  In addition, as set forth in the Articles of Incorporation of the Corporation, the Corporation has been organized to acquire and operate the housing development at 100 State Street, Portland, Maine 
and to issue tax-exempt obligations on behalf of the Portland Housing Authority to finance such acquisition. In accordance with applicable rulings of the U.S. Internal Revenue Service, upon retirement of such tax-exempt obligations, full legal title to the Project shall be transferred to the Portland Housing Authority.  Prior to the retirement of such tax-exempt obligations, this section of the By-Laws shall not be amended unless the Corporation receives an opinion of Bond Counsel, identified in the Indenture of Trust entered into by the Corporation in connection with such tax-exempt obligations, to the effect that the amendment of this section will not adversely affect the exemption from taxation of interest.