BUCHANAN HOUSING INC
320 1ST STREET EAST, INDEPENDENCE, IA 50644

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Organizations Filed Purposes: TO PROVIDE LOW COST HOUSING FOR PEOPLE WITH MENTAL DISABILITIES. THE AGENCY OWNS THREE DUPLEXES IN INDEPENDENCE, IOWA, ONE DUPLEX IN WINTHROP, IOWA, ONE DUPLEX IN JESUP, IOWA, AND ONE DUPLEX IN FAIRBANK, IOWA. EACH DUPLEX HAS TWO APARTMENTS AND EACH APARTMENT HAS TWO BEDROOMS.

THERE ARE THREE DUPLEXES IN INDEPENDENCE, IOWA WHICH HOUSE A TOTAL OF 12 TENANTS. ONE DUPLEX IN WINTHROP, IOWA HOUSES 4 TENANTS, A DUPLEX IN JESUP, IOWA HOUSES 4 TENANTS, AND ANOTHER DUPLEX IN FAIRBANK, IOWA HOUSES 4 TENANTS. ALL OF THE DUPLEXES EXCEPT THE FAIRBANK, IOWA DUPLEX AND ONE INDEPENDENCE, IOWA DUPLEX WERE BUILT WITH LOANS FROM THE USDA, AND THE LOANS ARE PAYABLE FROM TENANT'S RENTAL INCOME. THE FAIRBANK, IOWA DUPLEX WAS BUILT WITH EXISTING CASH BALANCES AND A LOAN FROM FAIRBANK STATE BANK. THE INDEPENDENCE, IOWA DUPLEX PURCHASED IN 2011 WAS PAID FOR WITH EXISTING CASH BALANCES, GRANTS, AND A LOAN FROM BANKIOWA WHICH IS A LOCAL FINANCIAL INSTITUTION. EACH TENANT RECEIVES HUD ASSISTANCE WHICH HELPS PAY THEIR PORTION OF THE RENT. THE APARTMENTS ARE CURRENTLY BEING RENTED BY TENANTS WHO HAVE BEEN DIAGNOSED AS HAVING A MENTAL DISABILITY. THE COUNTY MENTAL HEALTH ADVOCATE PERFORMS SCREENINGS OF THE INDIVIDUALS WHO WOULD QUALIFY FOR THE HOUSING AND MAKES REFERENCES TO THE ORGANIZATION FOR POTENTIAL TENANTS WHO HAVE A MENTAL IMPAIRMENT. THIS HOUSING IS AN ALTERNATIVE TO A GROUP HOME SETTING FOR THE INDIVIDUALS. THEY HAVE MORE FREEDOM AND CAN CHOOSE SERVICES THAT BETTER MEET THEIR INDIVIDUAL NEEDS.THE EXPENSES ASSOCIATED WITH THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION ARE MAINLY DUE TO INTEREST EXPENSE ON THE USDA AND BANK LOANS, DEPRECIATION EXPENSE OF THE DUPLEXES, AND OCCUPANCY EXPENSES (INCLUDING MAINTENANCE, UPKEEP, AND UTILITIES) FOR THE DUPLEXES.

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