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r•�����1� ►�:��' <br />SECTION 1602 SUBAWARD A�REEMENT <br />(Section 1602 Program) <br />This SECTION 160 SUBAWARD AGREEMENT (this "Agreement") is made and <br />entered into an October , 2010 by and betwe�n MOSAIC RESIDENT�AL SERVTCES <br />OF NEBRASKA, LLC a Nebraska limited liability company (together with its successors and <br />assigns, the "Owner") and the NEBRASKA INYESTMENT FINANCE AUT'HORITY, a <br />body politic and corporate, nat a state �gency, but an independent instrumentality exercising <br />essential public functions under the constitution and laws af the State of Nebraska (the <br />"Authorit}�'}. <br />RE�ITALS <br />WHEREAS, the Autharity has entered inta a grant agreement with Treasury for a grant <br />of funds in lieu af federal low-income housing tax credits (the "Tax Credits'� under Section 42 <br />of the Tnternal Revenue Code of 1986, as amended (the "Cade'�, pursuant to the Section 1602 <br />Prograrn (the "Section 1602 Pragrarn'� autharized under Section 1 b02 of the American Recovery <br />and Reinvestment Act of 2009 (thc "Recovery Act"); <br />WHEREAS, the Authority is a"designated state hausing authority" wit�in the meaning <br />of the Recovcry Act; <br />WHEREAS, the Authority has the authority to makc subawards of the' S�ction 16Q2 <br />Frogram Funds (the "Section 1fi02 Program Funds") to eligible applicants in accordance with the <br />Program Requirements; <br />WHEREAS, the Owncr inCends to acquir�, eonstruct, develop, improve, maintain, own, <br />operate, lease and otherwise deal with a residential rental housing pmject ta be located in Grand <br />Island, Norfolk and Qmaha, Nebraska, collectively known as Mosaic Residenrial Services (the <br />`<prc►ject''�; <br />WHEREAS, the Owner has obtained a commitm�nt from Nebraska Fund XV, L.P� (the <br />"Tax Credit Investor'� to make an equity investment in the Owner of up to and including <br />$1,924,910 in exchangc for Tax Credits in the aianual amount of $283,075; <br />WHEREAS, the dwner has demanstratcd to th� Autharity that the Owner has been <br />unablc to obtain a commitment fram thc Tax Credit �nvestor in an amount sufficient to make the <br />construction of the Project financially feasible afte�r laaving made a good faith and exhaustive <br />effort to do so; <br />WHEREAS, the Owner has submitteci to the Authority a Tax Credit Assistance Program <br />and Section 16U2 Exchangc Program Application requesting a subaward of the Scetion 1602 <br />Program Funds ta assist in the financing of the cqnstruction/acquisition/rehabilit�tion of the <br />Projcct; <br />4848-2332-1 U94.2 1 <br />