PEORIA PLACE WAS ORGANIZED ON JANUARY 12, 2000 AS AN ARIZONA NON-STOCK, NONPROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT OF 1990. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. THE PROJECT CONSISTS OF 14 UNITS LOCATED IN PHOENIX, ARIZONA AND IS CURRENTLY OPERATING UNDER THE NAME OF PEORIA PLACE.