Galveston Redevelopment and Community Enterprise (GRACE) Corporation was formed in 1988 solely for public and charitable purposes within the meaning of Sections 501C(2) and 501C(3) of the Internal Revenue Code of 1986, as amended, and whose primary focus is as follows:
- To provide decent, safe and sanitary housing for persons of low to moderate income, elderly, handicapped, and/or disabled persons in Galveston, Texas and Galveston County.
- To acquire real estate, or any interest therein, by purchase, gift, lease, purchase or sale and lease-back or otherwise, and to construct or otherwise acquire and equip buildings and structures which may be utilized by the Corporation, the Housing Authority, or its successors.
- To own, operate and/or manage personal property.
- To provide services including, but not limited to accounting, management, servicing, personnel and data processing services.