CHARLES CREST CORPORATION WAS ORGANIZED ON JUNE 21, 1983 AS AN OHIO NON-STOCK, NONPROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. THE PROJECT CONSISTS OF 48 UNITS LOCATED IN ROSSFORD, OHIO AND IS CURRENTLY OPERATING UNDER THE NAME OF CHARLES CREST I.