05 - JOINT PH - Vista Del Rio DDA

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"Loans" means the City/HOME Loan and the Agency Loan. "Notes" means the City/HOME Loan Note and the Agency Loan Note. "Partnership Agreement" means the Agreement of Vista Del Rio Housing Partners, L.P., dated August 1, 2008, which was amended by the First Amendment to Agreement of Limited Partnership dated on or about June 8, 2009, as maybe amended in the future with the approval of the Executive Directors. "Portable Voucher" shall mean Section 8 tenant-based vouchers, certificates of family participation under 24 CFR part 882 (Rental Certificate Program), rental vouchers under 24 CFR part 887 (Rental Voucher Program), and comparable documents evidencing participation in a program pursuant to the HOME Investment Partnership Act, 42 U.S.C. § 12701, et seq. and the implementing regulations located at 24 CFR part 92, as such now exist and as may hereafter be amended, or other tenant-based rental assistance programs. "Project" means the acquisition, construction, operation, maintenance, and management of the Property as Affordable Housing in accordance with the Scope of Work, this Agreement and the other Project Documents. "Project Based Section 8" shall mean housing choice vouchers held by the City and/or Authority pursuant to annual and/or multi-year contribution contract(s) with HUD, which may be used to assist specific housing units as authorized by and subject to Section 8(0)(13) of the U.S. Housing Act of 1937, 42 U.S.C. Section 1437f(o)(13), and the implementing regulations set forth at 24 CFR Part 983, and HR3221, enacted July 30, 2008. Pursuant to Section 311.7 of the DDA, Authority has agreed to provide no less than seven (7) but no more than ten (10) Project Based Section 8 vouchers as assistance for an equal number of Units, subject to: (1) all Section 8 Requirements, (2) the fulfillment or waiver of the Agency's Conditions Precedent, including without limitation Vista Del Rio securing financing in accordance with Section 311 of the DDA, and (3) the provisions of Section 311.7 of the DDA. In all events, Authority's obligation to provide Project Based Section 8 assistance to the Project is expressly conditioned upon the satisfactory completion of environmental review and the Authority's receipt of a release of federal funds from HUD. Accordingly: Notwithstanding any provision of this Agreement, the parties hereto agree and acknowledge that this Agreement does not constitute a commitment of federal funds, and that such commitment of funds or may occur only upon satisfactory completion of environmental review and receipt by Authority and/or City, as applicable, of a release of funds from the U.S. Department of Housing and Urban Development under 24 CFR Part 58. The parties further agree that the provision of any federal funds to the Project is conditioned on Authority's and/or City's, as applicable, determination to proceed with, modify or cancel the Project Based Section 8 funding based on the results of a subsequent environmental review. The parties hereto are further prohibited from undertaking or committing any federal funds to physical or choice-limiting actions, including property acquisition, demolition, movement, rehabilitation, conversion, repair or construction prior to the environmental clearance; the parties understand that the violation of this provision may result in the denial of any federal funds under this Agreement. DOCSOC/1475221 v5/200272-0004