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authorized by and subject to Section 8(0)(13) of the U.S. Housing Act of <br />1937, 42 U.S.C. Section 1437f(o)(13), and the implementing regulations set <br />forth at 24 CFR Part 983, and HR3221, enacted July 30, 2008. Pursuant to <br />Section 311.7 of this Agreement, Authority has agreed to provide no less than <br />seven (7) but no more than ten (10) Project Based Section 8 vouchers as <br />assistance for an equal number of Units subject to the fulfillment or waiver of <br />the Agency's Conditions Precedent and the provisions of Section 311.7, <br />including without limitation Vista Del Rio securing financing in accordance <br />with Section 311. In all events, Authority's obligation to provide Project <br />Based Section 8 assistance to the Project is expressly conditioned upon the <br />satisfactory completion of environmental review and the Authority's receipt <br />of a release of federal funds from HUD." <br />3. Anew Section 311.7 is hereby added which shall read as follows: <br />"Subject to the fulfillment or waiver of the Agency's Conditions Precedent <br />and further subject to HUD approval and allocation of funding by HUD or a <br />successor federal governmental agency administering the Project Based <br />Section 8 program, Authority shall provide no fewer than seven (7} but no <br />more than ten (10) Project Based Section 8 vouchers as assistance for an <br />equal number of Units. The Authority's obligations pursuant to this <br />Section 311.7 shall at all times be subject to compliance with all legal <br />requirements of and prerequisites to the Project Based Section 8 assistance. <br />The exact number of the Project Based Section 8 vouchers that will be <br />provided to the Project shall be determined by the Executive Director in his or <br />her sole and absolute discretion, based upon the financing that Vista Del Rio <br />obtains for the Project and upon a subsidy layering review performed by the <br />Authority and HUD (or other entity approved by HUD). The Executive <br />Director shall also designate the specific Units which shall be assisted by <br />Project Section 8 vouchers in his or her sole and absolute discretion. In the <br />event Project Based Section 8 assistance is provided to HOME Units, the rent <br />charged pursuant to the tenant rental agreement shall not exceed the Low <br />HOME rent applicable to the Unit, pursuant to the HOME Program and the <br />HOME Regulations." <br />4. The first sentence of Section 205 of the Agreement is amended to read: <br />"The Closing of the Conveyance of the Site and the Authority's provision of <br />Project Based Section 8 assistance to the Project are expressly conditioned <br />upon the satisfaction (or written waiver by the benefited Party or Parties in its <br />or their sole and absolute discretion) of the following terms and conditions <br />within the times designated below:" <br />5. Anew Section 309.2 is hereby added which shall read as follows: <br />"Prevailing Wage Laws. Vista Del Rio shall carry out the construction of <br />the Project and the overall development of the Site in conformity with all <br />applicable federal, state and local labor laws and regulations, including, <br />without limitation, as applicable, the requirements to pay prevailing wages <br />DOCSOC/1475220v4/200272-0004 v ? o~ 2 <br />