TO PROVIDE HOUSING FOR THE ELDERLY AND OTHER ELIGIBLE OCCUPANTS UNDER SECTION 202 OF THE NATIONAL HOUSING ACT, AND THE REGULATIONS THEREUNDER NOW IN EFFECT. IT HAS LEASED, RENOVATED, AND OPERATES AN APARTMENT COMPLEX OF 40 UNITS IN FAIRFIELD, CONNECTICUT. THE PROJECT IS REGULATED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). AS TO RENT CHARGES AND OPERATING METHODS, THE AGENCY RECEIVES MORTGAGE FINANCING UNDER SECTION 202 AND RECEIVES APPROXIMATELY 75% OF ITS APARTMENT RENTAL INCOME FROM SECTION 8 SUBSIDIES PROVIDED BY HUD.