THE SOLE PURPOSE IS TO PROVIDE ELDERLY PERSONS AND HANDICAPPED PERSONS WITH HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS, AND TO PROMOTE THEIR HEALTH, SECURITY, HAPPINESS, AND USEFULNESS IN LONGER LIVING, THE CHARGES FOR SUCH FACILITIES AND SERVICES TO BE PREDICATED UPON THE PROVISION, MAINTENANCE, AND OPERATION THEREOF ON A NONPROFIT BASIS.ON 5/14/12, A RELATED ENTITY, MAGNOLIA ACRES SENIOR HOUSING LIMITED PARTNERSHIP, PURCHASED THE MAGNOLIA ACRES HOUSING PROJECT AND THIS ENTITY NOW FUNDS THE PROJECT THROUGH A SELLER LOAN. NATIONAL CHURCH RESIDENCES OF SOUTH TEXAS RETAINED A GENERAL PARTNER INTEREST IN MAGNOLIA ACRES SENIOR HOUSING LIMITED PARTNERSHIP.