GRAND CONCOURSE EAST HDFC IS A NONPROFIT CORPORATION THAT OPERATES, MANAGES, AND LEASES LOW-INCOME RENTAL PROPERTY TO QUALIFIED RENTALS UNDER THE NEW YORK CITY HOUSING PRESERVATION AND DEVELOPMENT AND THE NEIGHBORHOOD OWNERSHIP WORKS (NOW) PROGRAM. THE CORPORATION CURRENTLY OWNS TEN MULTIPLE DWELLINGS, WHICH WERE ACQUIRED UNDER THE NOW PROGRAM ON MAY 30, 1995 AND NOVEMBER 30, 1996.