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A TRUE COPY <br /> Applicant : Indian River County Board of Commissioners CERTIFICATION ON LAST PAGE 32960 <br /> Project : FL-509 - New - CoC TRA 2 J . K , BARTON , CLERK FL0338C41-1090900 <br /> EXHIBIT 2 <br /> TENANT- BASED RENTAL ASSISTANCE (TRA) <br /> 1 . The recipient is Indian River County Board of County Commissioners , <br /> 2 . HUD agrees , subject to the terms of the Agreement , to provide the <br /> Grant Funds in the amount specified below for the approved project( s ) <br /> described in the Application . HUD 's total funding obligation is $ 343 , 020 <br /> for 7 units of tenant-based rental assistance . <br /> 3 . The term of this Grant Agreement shall be five ( 5 ) years . <br /> 4 . Recipient shall receive aggregate amounts of Grant Funds not to <br /> exceed the appropriate existing housing faVmarket rental value under <br /> Sec . 8 (c ) ( 1 ) of the United States Housing Act of 1937 in effect at the time <br /> the Application was approved . This fair market rent may be higher or <br /> 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 <br /> such amounts , the Recipient may receive in any year ( 1 ) up to 25 percent <br /> of such amounts or (2 ) such higher percentage as HUD may approve upon <br /> a demonstration satisfactory to HUD that the Recipient has entered into <br /> firm financial commitments to ensure that the housing assistance <br /> described in the application will be provided for the full term of the <br /> contract . Any amounts not needed for a year may be used to increase the <br /> amount available in subsequent years . <br /> Consolidated Grant Agreement Page 23 08/20/2010 <br />