Site Owner Entitled to Property Tax Exemption

Facts: A nonprofit corporation owns a site for the elderly that was financed by HUD. With the financing, the corporation entered into a Project Rental Assistance Contract with HUD in which the corporation agreed to provide housing for low-income elderly persons at the property, and HUD agreed to provide monthly subsidies to “[to] cover the difference between [owner’s] Operating Expenses and tenant payments as determined in accordance with the HUD-established schedules and criteria.”