Club 720 development corporation is organized for purposes that are exclusively charitable and educational and consist of the following: (1) to provide basic living facilities for economically distressed individuals through housing development in order to improve the living conditions and economic well-being of individuals and to engage in related activities in order to improve the living conditions and economic well-being of said individuals. (2) to create a social environment of self-determination and cooperation that encourages economically distressed residents to pursue their life goals and aspirations, especially with regard to adequate housing, with a sense of self-respect and dignity. (3) to do ANY and ALL lawful activities which may be necessary, useful, or desirable for the furtherance, accomplishment, fostering, or attainment of the foregoing purposes, either directly or indirectly and either alone or in conjunction or cooperation with others, whether such others be persons o