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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 Grant Funds in the <br />amount specified below for the approved project(s) described in the Application. HUD's <br />total funding obligation is $344,160 for 6 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 exceed the appropriate <br />existing housing fair market rental value under Sec. 8(c)(1) of the United States Housing Act <br />of 1937 in effect at the time the Application was approved. This fair market rent may be <br />higher or lower than the fair market rent in effect at the time of application submission. At <br />the option of the Recipient and subject to the availability of such amounts, the Recipient may <br />receive in any year (a) up to 25 percent of such amounts or (2) such higher percentage as <br />HUD may approve upon a demonstration satisfactory to HUD that the Recipient has entered <br />into firm financial commitments to ensure that the housing assistance described in the <br />application will be provided for the full term of the contract. Any amounts not needed for a <br />year may be used to increase the amount available in subsequent years. <br />STATE OF FLORIDA <br />INDIAN RIVER COUNTY <br />THIS IS TO CER YTHATTHIS IS <br />A TRUE AND RR CT COPY OF <br />THE ORIGIN L ON ILE IN THI <br />OFFICE <br />K. BART ri;1� <br />DATE <br />www.hud.gov espanol.hud.gov Page 19 <br />