CHINESE AMERICAN GOLDEN AGE ASSOCIATION

CHINESE AMERICAN GOLDEN AGE ASSOCIATION (THE "CORPORATION") IS A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF CALIFORNIA. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 120 UNIT PROPERTY KNOWN AS GOLDEN AGE VILLAGE (THE "PROPERTY") LOCATED IN MONTEREY PARK, CALIFORNIA, WHICH PROVIDES HOUSING FOR LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO AND IS GOVERNED BY A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). THE PROJECT, THROUGH A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) WITH HUD, PROVIDES SUBSIDIES SAFE, ADEQUATE HOUSING FACILITY TO ELIGIBLE TENANTS.