MARSHSIDE VILLAGE, INC WAS FORMED AS A NON-PROFIT CORPORATION ON APRIL 19, 2005 UNDER THE LAWS OF THE STATE OF SOUTH CAROLINA FOR THE PURPOSE OF CONSTRUCTING, DEVELOPING, AND OPERATING A LOW-INCOME RESIDENTIAL HOUSING PROJECT UNDER SECTION 202 OF THE HOUSING ACT OF 1959. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. THE PROJECT CONSISTS OF 48 RENTAL UNITS LOCATED IN NORTH CHARLESTON, SOUTH CAROLINA AND OPERATES UNDER THE NAME OF MARSHSIDE VILLAGE.