U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File Number: 033-67536-A
CUSIP Number: Common 313142 10 1
Warrant 313142 11 9
Units 313142 20 0
[X] Form 10-KSB
For Period Ended: May 31, 1997
Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.
Part I - Registrant Information
Full Name of Registrant: Federal Affordable Housing Corporation
Former Name if Applicable:
Address of Principal Executive Office:
1616 Gulf-to-Bay Boulevard
Clearwater, FL 34615
Part II - Rules 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or expense
and the Registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed.
(check box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report on Form 10-KSB will be filed on or before
the fifteenth calendar day following the prescribed due date; and
[X] (c) The accountant`s statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
Part III - Narrative
State below in reasonable detail the reasons why the Form 10-KSB could not be
filed within the prescribed time period.
The Registrant announced in April, 1997, the execution and delivery of a letter
of intent providing for the acquisition by the Registrant of certain real estate
assets and the issuance of a controlling block of its stock. Delays have
resulted and the Registrant`s independent auditor did not start its audit work
until recently and some confirmations have not been received.
he extra time and effort needed by the Registrant`s auditors to examine the
Registrant's books and records and financial statements in a timely manner could
not be eliminated without unreasonable effort or expense.
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to this
notification:
Richard E. Metz (813) 446-7981
(Name) (Telephone No.)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that
the Regisrant was required to file such report(s) been filed? If the answer is
no, identify report(s). [x] Yes
[ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[ ] Yes
[x] No
If so: Attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results can not be made.
SIGNATURES
Federal Affordable Housing Corporation has caused this notification to be signed
on its behalf by the undersigned thereunto duly authorized.
FEDERAL AFFORDABLE HOUSING
CORPORATION
Date: September 2, 1997 By /s/ Richard E. Metz
Richard E. Metz
Its President
INSTRUCTION: The Form may be signed by an executive officer of the Registrant
or by any other duly authorized representative. The name and title of the
person signing the Form shall be typed or printed beneath the signature.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
Attachment: Statement, dated September 2, 1997, by M. Daily, CPA,
purusant to Rule 12b-25(c).
Attachment to Form 12b-25
J. MICHAEL DAILY
J. Michael Daily & Associates, CPA's
Belleair Oaks Professional Centre
2240 Belleair Road, Suite 140
Clearwater, FL 34624
September 2, 1997
STATEMENT
for Form 12b-25 Pursuant to Rule 12b-25(c)
Re: Federal Affordable Housing Corporation
Form 12b-25 Notification of Late Filing of Form 10-KSB for Fiscal Year Ended
May 31, 1997
The Registrant executed a letter of intent shortly before the end of its fiscal
year providing for the acquisition of the Registrant, if certain conditions
could be met. Although a binding agreement has not been executed, there was a
delay in commencing the audit work for fiscal 1997, and as a result of such
delay, some confirmations have not been received.
J. Michael Daily
/s/ J. Michael Daily