Quantum Real Estate Management

Bywater Mutual Homes, Inc. (the "entity") was organized in december 1970 to acquire an interest in real property located in annapolis, Maryland and to construct and operate two cooperative townhouse complexes; one has 76 units and is known as Bywater Mutual Homes, Inc., section i and one has 232 units and is known as Bywater Mutual Homes, Inc., section ii. Both section i and section ii are operated under section 236 of title ii of the national housing act. Such projects are regulated by the u.s. department of housing and urban development ("hud") as to dwelling unit charges and operating methods.