New Paulus Hook Community Housing Corp

The corporation is organized for the exclusive purposes of (I) aquiring real property and holding title to, and collecting income from, such property, and (ii) remitting the entire amount of income from such property to one or more organizations formed under section 501(c)(3) of the internal revenue code of 1986, as amended (or the corresponding provision of any future United States internal revenue law) which are shareholders of the corporation.