TO PROVIDE LOW INCOME ELDERLY PERSONS WITH HOUSING FACILITIES AND SERVICES SPECIFICALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS, AND TO PROMOTE THEIR HEALTH, SECURITY, HAPPINESS AND USEFULLNESS IN LONGER LIVING. THE CHARGES FOR SUCH FACILITIES AND SERVICES ARE PREDICATED UPON THE PROVISION, MAINTENANCE AND OPERATION OF SUCH FACILITIES AND SERVICES ON A NONPROFIT BASIS.