LOS ANGELES SENIOR CITIZEN HOUSING CORPORATION, A CALIFORNIA NONPROFIT CORPORATION WAS FORMED TO OWN A 50-UNIT RENTAL HOUSING COMMUNITY FOR THE ELDERLY LOCATED IN LOS ANGELES, CALIFORNIA. THE OPERATIONS OF THE PROPERTY BEGAN APRIL 7, 1988. THE CORPORATION IS OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE CORPORATION HAS EXECUTED A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, WHICH GOVERNS THE OPERATION OF THE PROPERTY WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS.