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201007E3f SECTTON 1602 SUBAWARD AGREEMENT (Sectian 1602 �rogram) This SECTION 1602 SUBAWARD AGREEMENT (this "Agreement") is made ar�d entered into on October �, 2010 by a.nd betwee�a WESTRIDGE CROWN, LLC, a Nehraska limited liability company (together with its successors and assigns, the "Owner") and the NEBRASKA INVESTMENT FINANCE AUTHORITY, a body politic and corporate, nat a state agency, hut an independent instrurnentality exercising essential public functions under the constitution and laws of the State of Nebraska (the "Authority"). RECTTALS WHEREAS, the Authority has entered into a grant agreement with Treasury for a�rant af funds in lieu of federal low-incame housing ta7t credits (the "Ta.}c Credits") wnder Section 42 af the Internal Revenue Code of 1986, as arnended (the "Cade"), pursuant to the Section 1602 Pragram (the "Sectian 1(a02 Program") authorized under Sectivn 1602 ofthe Arnerican Recovery and ReinvestmenC Act of 2009 (the "Recavery Act"); WHEREAS, the Authority is a"designated state housing authority" within the meaning af the Recav�ry Act; WHEREAS, the Autharity has the authority to make subawards af the Sectian 1602 Program Funds (the "Section 1602 Program Funds") to eligible applicants in accordance �vith the Program Require�nents; WHEREAS, the Ovvner intends Ca acquire, construct, develop, improve, maintain, own, operate, lease and otherwise deal �vith a residential rental housing project to be located in the Gxand Island, Nebraska, knor�n as Westridge CROWN (the "Praject"); WHEREAS, the Owner has obtained a commitment from Nebraska Fund XV, L.P. (the "Tax Credit Investor") ta make an equity investrnent in the Owner af up to and including $1,053,721 in exchange for Tax Credits in the annual arnount of $154,959; WHEREAS, the Owner has dsmanstrated to the Authority that the Qwner has been unable to obtain a cammitment from the Tax Credit Investar in an amount sufficient ta makc the constructian of the Project financially feasible after having made a good faith ar�d exhaustive �ffa�t to do so; WHEREAS, the Owner has subrnitted to the Authority a Tax Credit Assistance Prograrn and Section 1b02 Exchaiige I'rogram Applicatian requesting a subaward af the Sectian 1602 Progam Funds to assist in the financing af the construction/acqu'rsition/rehabilitation of t1�e Proj ect; WHEREAS, the Authority has approved a grant of Sectian 1602 Prograrn Funds to the Owner in the aggregate amount of up to $1,496,825 (the "Subaward"), pravided that the �wner shall (i) enter into this Agreement ensuring compliance with the requirernents of Section 1602 4846-6923-13G7.3 1