45TH STREET ARTISTS' COOPERATIVE I

THE PURPOSE OF THIS CORPORATION IS TO PROVIDE ITS MEMBERS WITH PERMANENTLY AFFORDABLE HOUSING AND ARTIST'S STUDIO SPACE ON A NONPROFIT LIMITED-EQUITY COOPERATIVE BASIS, CONSONANT WITH THE PROVISIONS OF THE NONPROFIT PUBLIC BENEFIT CORPORATION LAW, CORPORATIONS CODE SECTION 5110 ET. SEQ., HEALTH AND SAFETY CODE SECTION 33007.5 AND WITH THE PROVISIONS SET FORTH IN ITS ARTICLES OF INCORPORATION. THIS HOUSING IS INTENDED TO SERVE PRIMARILY ARTISTS, AT LEAST 51% OF WHOM HAVE INCOMES AT OR BELOW 80% OF AREA MEDIAN INCOME AND 49% OF WHOM HAVE INCOMES AT OR BELOW 120% OF AREA MEDIAN INCOMES.