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"Housing Plan" shall mean the City's 462C Housing Plan, adopted pursuant to the Act, of which this Amended Program is a part. "Housing Unit" shall mean anyone of the apartment units, each located in the Project, occupied by one person or family, and containing complete living facilities. "Land" shall mean the real property upon which the Project is situated. "Amended Program" shall mean this program for the financing of the Project pursuant to the Act. "Project" shall mean the residential rental housing development consisting of approximately 364 Housing Units, 97 one-bedroom and 267 two- bedroom units to be acquired and rehabilitated by the Developer. Section B. Amended Proltram For Financine: the Project. It is proposed that the City establish this Amended Program to provide financing for the acquisition and rehabilitation of the Project at a cost and upon such other terms and conditions as are set forth herein and as may be agreed upon in writing between the City, the initial purchaser of the Bonds and the Developer. The City expects to issue the Bonds as soon as the terms of the Bonds have been agreed upon by the City, the Developer and the initial purchaser of the Bonds. The proceeds of the Bonds will be loaned to the Developer to finance acquisition and rehabilitation of the Project, to fund required reserves and to pay the costs of issuing the Bonds. It is expected that a trustee will be appointed by the City to monitor the rehabilitation of the Project and the payment of principal and interest on the Bonds. It is anticipated that the Bonds shall have a maturity of approximately thirty (30) years and will bear interest at a rate priced to the market at the time of issuance. The City will hire no additional staff for the administration of the Amended Program. Insofar as the City will be contracting with underwriters, legal counsel, bond counsel, the trustee, and others, all of whom will be reimbursed from bond proceeds and revenues generated by the Amended Program, no administrative costs will be paid from the City's budget with respect to this Amended Program. The Bonds will not be general obligation bonds of the City, but are to be paid only from properties pledged to the payment thereof, which may include additional security such as additional collateral, insurance or a letter of credit. Section C. Local Contributions To The Amended Program. The Developer has not requested any local contributions to the Amended Program with respect to the Project. Section D. Standards and Requirements Project Pursuant to the Amended Program. requirements shall apply with respect to the Developer pursuant to this Amended Program: RelatinjiC to the FinancinjiC of the The following standards and operation of the Project by the (1) Substantially all of the proceeds of the sale of the Bonds will be applied to the acquisition and rehabilitation of the Project and to the funding of appropriate reserves. The proceeds will be made available to the Developer pursuant to the terms of the Bond offering, which will include certain SNG81715 NE136-123 2