Series 1 Non-Voting Preferred Shares - Housing Shares, redeemable for cash at the option of the Issuer and for common shares of the Issuer, subject to certain conditions. NAHF Inc. acquires 1 HY Unit from NAHF Real Estate Trust per Series 1 Preferred Share outstanding to have the Series 1 Preferred Shares track the NAV of the HY units.  These Series 1 Preferred Shares are referred to and called “Housing Shares” by NAHF Inc.