TIERRA DEL SOL WAS FORMED AS A NON-PROFIT CORPORATION ON DECEMBER 17, 2003 UNDER THE LAWS OF THE STATE OF CALIFORNIA FOR THE PURPOSES 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 PROPERTY CONSISTS OF 76 RENTAL UNITS LOCATED IN CATHEDRAL CITY, CALIFORNIA AND OPERATES UNDER THE NAME TIERRA DEL SOL.