CHRISTIAN VILLAGE OF EASTERN VIRGINIA INC

CHRISTIAN VILLAGE OF EASTERN VIRGINIA, INC. (A VIRGINIA NOT-FOR-PROFIT CORPORATION) (THE "CORPORATION") WAS ORGANIZED TO OWN AND OPERATE A 43-UNIT APARTMENT COMMUNITY IN NEWPORT NEWS, VIRGINIA, KNOWN AS CHRISTIAN VILLAGE OF EASTERN VIRGINIA (THE "COMMUNITY"), PURSUANT TO SECTION 202 OF THE HOUSING ACT OF 1959, AS AMENDED. THE CORPORATION HAS ENTERED INTO THE STANDARD FEDERAL HOUSING ADMINISTRATION ("FHA") REGULATORY AGREEMENT GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FHA SECTION OF THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD"). THE CORPORATION LEASES APARTMENT UNITS TO LOW-INCOME ELDERLY INDIVIDUALS IN THE NORMAL COURSE OF BUSINESS. THE TERMS OF THE LEASES ARE GENERALLY ONE YEAR.