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202208306 <br />LAND USE RESTRICTION AGREEMENT <br />FOR LOW INCOME HOUSING TAX CREDITS <br />THIS LAND USE RESTRICTION AGREEMENT (this "Agreement") is entered <br />into as of the date set forth on the Summary Page hereof among the NEBRASKA <br />INVESTMENT FINANCE AUTHORITY (the "Authority"), a body politic and corporate, <br />not a state agency, but an independent instrumentality exercising essential public <br />functions under the constitution and laws of the State of Nebraska, the OWNER <br />IDENTIFIED ON THE SUMMARY PAGE HEREOF (the "Owner") and the Lender or <br />Lenders identified on the Summary Page hereof (the "Lender"). <br />WITNESSETH: <br />WHEREAS, the Authority has been designated by the Governor of the State of <br />Nebraska as the housing tax credit entity for the State of Nebraska for the allocation <br />of low income housing tax credit dollars; and <br />WHEREAS, the Owner is or shall be the owner of the rental housing <br />development located and as described on the Summary Page hereof and in Exhibit A <br />hereto (the "Project"); and <br />WHEREAS, the Owner has applied to the Authority for an allocation of federal <br />low income housing tax credit ("LIHTC") to the Project in an amount not to exceed <br />the amount set forth on the Summary Page hereof; and <br />WHEREAS, the Owner has applied to the Authority for an allocation of <br />Nebraska state affordable housing tax credit ("AHTC") to the Project in an amount <br />not to exceed the amount set forth on the Summary Page hereof; and <br />WHEREAS, the Owner and the Project must continuously comply with <br />Section 42 and other applicable sections of the Internal Revenue Code of 1986, as <br />amended (the "Code"), and the Treasury Regulations promulgated thereunder (the <br />"Regulations"); and <br />WHEREAS, compliance by the Owner and the Project with Section 42 of the <br />Code is in large part within the control of the Owner; and <br />WHEREAS, the Authority is unwilling to allocate LIHTC or AHTC to the Project <br />unless the Owner shall, by entering into this Agreement, consent to be regulated by <br />the Authority in order that the Authority may enforce the occupancy restrictions and <br />3 Final 12/21 <br />