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EXHIBIT 2 <br /> TENANT-BASED RENTAL ASSISTANCE (TRA) <br /> 1 . HUD agrees, subject to the terms of the Agreement, to provide the Grant Funds in <br /> the amount specified below for the approved project(s) described in the <br /> Application. HUD's total funding obligation is S 354,540 for 10 units of tenant- <br /> 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 <br /> appropriate existing housing fair market rental value under Sec. 8 (c)( 1 ) of the <br /> United States Housing Act of 1937 in effect at the time the Application was <br /> approved. This fair market rent may be higher or lower than the fair market rent <br /> in effect at the time of application submission. At the option of the Recipient and <br /> subject to the availability of such amounts, the Recipient may receive in any year <br /> (a) up to 25 percent of such amounts or (2) such higher percentage as HUD may <br /> 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 <br /> the application will be provided for the full term of the contract. Any amounts not <br /> needed for a year may be used to increase the amount available in subsequent <br /> years. <br />