DANVILLE SENIOR HOUSING INC

DANVILLE SENIOR HOUSING, INC., A VIRGINIA NOT-FOR-PROFIT CORPORATION, WAS FORMED TO DEVELOP, OWN AND OPERATE A 41-UNIT APARTMENT COMMUNITY IN DANVILLE, VIRGINIA, KNOWN AS HAIRSTON AND JOHNSON HOUSING COMPLEX, PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS GOVERNING THE OPERATION OF THE PROJECT WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. THE CORPORATION LEASES APARTMENT UNITS TO LOW-INCOME FAMILIES OR PERSONS IN THE NORMAL COURSE OF BUSINESS.