RICHMOND NEIGHBORHOOD STABILIZATION CORP

THE SPECIFIC CHARITABLE AND PUBLIC PURPOSES FOR WHICH THE CORPORATION IS ORGANIZED ARE BENEFIT AND SUPPORT CITY OF RICHMOND, MUNICIPAL CORPORATION AND CHARTER CITY (THE "CITY"), AND THE RICHMOND SUCCESSOR HOUSING FORMERLY PART OF RICHMOND COMMUNITY REDEVELOPMENT AGENCY, A PUBLIC BODY, CORPORATE AND POLITIC (THE "AGENCY") IN ACCORDANCE WITH SECTION 509(A)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND TO LESSEN THE BURDENS OF THE GOVERNMENT OF THE CITY OF RICHMOND AND THE AGENCY BY: (1) ADMINISTERING AND OPERATING THE CITY'S NEIGHBORHOOD STABILIZATION PROGRAM ("NSP"); (2) PURCHASING, DEVELOPING, FINANCING, REHABILITATING, LAND BANKING, AND/OR DEMOLISHING BLIGHTED PROPERTIES, AND FORECLOSED OR ABANDONED PROPERTIES UTILIZING THE CITY'S NSP FUNDS OR OTHER PUBLIC AND PRIVATE FUNDING SOURCES; (3) ASSISTING THE CITY AND THE SUCCESSOR HOUSING IN PROVIDING AFFORDABLE HOME OWNERSHIP OPPORTUNITIES FOR HOUSEHOLDS OF LOW AND MODERATE INCOME BY FACILITATING THE FINANCING NECESSARY FOR THE