THE NOT FOR PROFIT CORPORATION, ORGANIZED UNDER THE NOT FOR PROFIT STATUTES OF THE STATE OF CALIFORNIA AND KNOWN AS THE GOLDEN YEARS SENIOR APARTMENTS, INC., WAS FORMED FOR THE PURPOSE OF OPERATING A 91 HOUSING UNIT FOR LOW INCOME ELDERLY PERSONS IN NORTH HOLLYWOOD, CALIFORNIA. THE CORPORATION OPERATES PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO AND IS GOVERNED BY A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). THE PROJECT, THROUGH A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) WITH HUD, PROVIDES SUBSIDIES SAFE, ADEQUATE HOUSING FACILITY TO ELIGIBLE TENANTS.