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E <br /> v <br /> EXHIBIT 2 <br /> TENANT-BASED RENTAL ASSISTANCE <br /> 1 . HUD agrees , subject to the terms of the Agreement, to provide the Grant Funds in the <br /> amount specified below for the approved project(s) described in the Application . HUD 's <br /> total funding obligation is $390, 180 for tenant-based rental assistance . <br /> 2 . The term of this Grant Agreement shall be five (5) years . <br /> 3 . Recipient shall receive aggregate amounts of Grant Funds not to exceed the appropriate <br /> existing housing fair market rental value under Sec . 8 (c) ( 1 ) of the United States Housing <br /> Act of 1937 in effect at the time the Application was approved . This fair market rent may <br /> be higher or lower than the fair market rent in effect at the time of application <br /> submission . At the option of the Recipient and subject to the availability of such amounts , <br /> the Recipient may receive in any year (a) up to 25 percent of such amounts or (2) such <br /> higher percentage as HUD may approve upon a demonstration satisfactory to HUD that <br /> the Recipient has entered into firm financial commitments to ensure that the housing <br /> assistance described in the application will be provided for the full term of the contract . <br /> Any amounts not needed for a year may be used to increase the amount available in <br /> subsequent years . <br />