323 HOUSTON STREET CORPORATION (THE "ENTITY") IS A NEW YORK CORPORATION ORGANIZED IN FEBRUARY 1991 FOR THE PURPOSE OF ACQUIRING, DEVELOPING AND OPERATING HOUSING AND RELATED FACILITIES WHICH CONSIST OF 15 UNITS LOCATED IN NEW YORK, NY FOR PERSONS WITH DISABILITIES. THE ENTITY RECEIVES ASSISTANCE UNDER PROVISIONS OF SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT. SUCH ENTITIES ARE REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") AS TO RENT CHARGES AND OPERATING METHODS.