THE ORGANIZATION OWNS AND OPERATES SANTA MARIA DEL MAR APARTMENTS, A 209 UNIT APARTMENT PROPERTY LOCATED IN BILOXI, MISSISSIPPI, AND VILLA MARIA APARTMENTS, A 198 UNIT APARTMENT PROPERTY LOCATED IN OCEAN SPRINGS, MISSISSIPPI, UNDER SECTIONS 8 AND 202 OF THE NATIONAL HOUSING ACT. UNDER THESE PROGRAMS, HOUSING IS PROVIDED TO LOW INCOME ELDERLY OR HANDICAPPED RESIDENTS.