IFH FOUNDATION

THE IFH FOUNDATION WAS ESTABLISHED FOR PURPOSES OF DEVOTING AND APPLYING ITS ASSETS EXCLUSIVELY FOR THE SUPPORT AND BENEFIT OF THE INSTITUTE FOR FAMILY HEALTH. THE APPLICANT'S PRINCIPAL PROJECT AT THIS TIME IS THE OWNERSHIP, RENOVATION AND LEASING TO THE INSTITUTE FOR FAMILY HEALTH OF A COMMUNITY HEALTH CENTER IN HARLEM, NEW YORK COMMUNITY. FOR NEARLY THIRTY YEARS A KEY PROVIDER OF HEALTH CARE TO RESIDENTS OF THE HARLEM COMMUNITY OF NEW YORK CITY WAS NORTH GENERAL HOSPITAL. UNFORTUNATELY, NORTH GENERAL HOSPITAL ENTERED BANKRUPTCY IN 2010 AND CLOSED SHORTLY THEREAFTER. THE HOSPITAL'S CLOSURE WAS A SERIOUS BLOW TO THE HARLEM COMMUNITY. THE DORMITORY AUTHORITY OF NEW YORK ("DASNY"), A GOVERNMENTAL AGENCY THAT PROVIDES BOND FINANCING FOR NUMEROUS NON-PROFIT FACILITIES IN NEW YORK WAS A SIGNIFICANT SECURED CREDITOR OF NORTH GENERAL HOSPITAL, ACQUIRED THE HOSPITAL'S REAL PROPERTY IN THE BANKRUPTCY PROCEEDINGS. THIS SPECIAL PURPOSE SUBSIDIARY IS CALLED NGHP HOLDING CORPORATI