THE GLENDOWER GROUP INC

THE CORPORATION IS ORGANIZED AND WILL BE OPERATED EXCLUSIVELY FOR CHARITABLE PURPOSES, INCLUDING THE PROMOTION AND ADVANCEMENT OF NEIGHBORHOOD ECONOMIC DEVELOPMENT. FURTHERANCE OF THE FOREGOING PURPOSES, THE CORPORATION'S SPECIFIC PURPOSES SHALL BE: TO SUPPORTREDEVELOPMENT ACTIVITIES OF THE HOUSING AUTHORITY OF THE CITY OF NEW HAVEN FOR THE BENEFIT OF THE LOW INCOME RESIDENTS, NOT PRECLUDING THE CORPORATION FROM ENGAGING IN DEVELOPMENT ACTIVITIES ON ITS OWN AND WITH ENTITIES OTHER THAN THE AUTHORITY, DEVELOP DECENT AND AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME FAMILIES, ACQUISITION, FINANCE AND OTHERWISE DEAL IN AFFORDABLE PROJECTS.