FULLER AVENUE SENIOR CITIZEN HOUSING

FULLER AVENUE SENIOR CITIZEN HOUSING CORPORATION, A CALIFORNIA NONPROFIT CORPORATION WAS FORMED TO OWN AN 89 UNIT RENTAL HOUSING PROJECT FOR THE ELDERLY LOCATED IN LOS ANGELES, CALIFORNIA. THE CORPORATION HAS EXECUTED A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WHICH GOVERNS THE OPERATION OF THE PROJECT WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS. THE REGULATORY AGREEMENT RESTRICTS THE RENTAL OF THE FACILITY TO LOW INCOME TENANTS FOR A MINIMUM OF 40 YEARS.