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��iuo�E3� SECTTON 1602 SUBAWARD AGREEMENT (Section 1602 Program) This SECTION ldp2 SUBAWARD AGREEMENT (this "A9reemenC") is made and entered into an September �p, 2010 by and between RIDGEWOOD CROWN, LLC, a Nebraska Irrnited liability company (together with its successors and assigns, the "Owner") and. tlie NEBRASKA INVESTMENT FINANCE AUTHORITY, a body poIitic and corporate, not a state agency, but an independent instrurnentality exercisin� essential public functions under the constitutian and laws of the State vf Nebraska (the "Authority"). RECITALS WHEREAS, the Authority has entexed into a grant agreement with Treasury far a grant of funds in lieu of federal low-income housing tax credits (the "Tax Credits") wrader Section 42 o� the Internal Revenue Code af 1986, as amended (the "Code"), pursuant to the Section 1CO2 Program (the "Section 1602 Program") authorized under Section 16Q2 of the American R�cavery and Reinvestment Act of 20p9 (the "Recavery Act"); WHEREAS, the Authority is a"designated state housing authority" within the meanin� of the Recovery �ct; WHEREAS, the Author'rty has the authority to make subawards of the Section 16p2 Program Punds (the "Sectian 1602 Program Funds") to eli�ible applicants in accordance with the Prograna Requirements; WHEREAS, the Own�r intends to acquire, construct, develop, improve, rnaintain, own, ap�rate, lease and oth�rwrse deal with a residential rental hausing project to be located in Grand. Island, Nebraska, lrnown as Ridgewood CROWN (the "Project"); WHEREAS, the Owner has obtained a cornmitment from N�braska Fund XV, L.P, (the "Tax Credit Investor") to make an equity investznent in the Owner of up ta and including $1,123,401 in e�cchange for Ta�c Cr�dits in the amount of $165,206; WHEREAS, the Ov�mer has demonstrated to the Authority that the �wner has been unable to obtain a commitment from the Tax Credit Investor in an arnount sufficient to make the construction of the Project �nancially feasible after having made a good faith and exhaustive effort to do so; WHEREAS, the Owner has submitted to the Authority a Ta�c Credit Assistance Program and Section 1602 Exchange Prograan Application requesting a subaward of the Section 1602 Program Funds to assist in the �nancing of the canstruction/acquisition/rehabilitation of the Proj ect; WHEREAS, the Autharity has approved a grant of Section 1602 Program Funds to thc Owner in the aggregate amount of up to $935,295 (the "Subaward"), pro�vided that the Owner shall (i) enter into this Agreem�nt ensuring cornpliance with the requirements of Section 1602 asa�-zi3s-3a�s,z 1