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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 <br /> Funds in the amount specified below for the approved project(s ) described <br /> in the Application . HUD's total funding obligation is $365 , 640 for 11 units <br /> of 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 <br /> the appropriate existing housing fair market rental value under Sec. 8 (c)( 1 ) <br /> of the United States Housing Act of 1937 in effect at the time the <br /> Application was approved . This fair market rent may be higher or lower <br /> 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 , <br /> the Recipient may receive in any year (a ) up to 25 percent of such <br /> amounts or (2 ) such higher percentage as HUD may approve upon a <br /> demonstration satisfactory to HUD that the Recipient has entered into firm <br /> financial commitments to ensure that the housing assistance described in <br /> the application will be provided for the full term of the contract. Any <br /> amounts not needed for a year may be used to increase the amount <br /> available in subsequent years . <br />