Mission
54TH STREET CORPORATION, INC., (HUD PROJECT NO. 000_HD058) WAS FORMED TO OWN AND OPERATE AN 8-UNIT APARTMENT COMPLEX LOCATED IN WASHINGTON, D.C. THE PROJECT WAS FINANCED AND CONSTRUCTED UNDER SECTION 811 OF THE NATIONAL HOUSING ACT, AS AMENDED, AND IS ADMINISTERED AND REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). UNDER THE PROGRAM THE PROJECT PROVIDES HOUSING TO LOW INCOME HANDICAPPED INDIVIDUALS, SUBJECT TO REGULATION BY HUD AS TO RENTAL CHARGES AND OPERATING METHODS. LOWER RENTAL CHARGES TO TENANTS ARE RECOVERED BY THE CORPORATION THROUGH A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDED BY HUD.