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NIFA LB 518 Matching Funding - 2018hr I kA -. March 23, 2018 11*4 11FA RURISH INVISIIlINI IINAN11 IUINUAIW Mr. Donald Gross MAPA Foundation 2222 Curring Street Omaha, NE 68102 Re: Nebraska Investment Finance Authority - LB 518 Match Funding Commitment Dear Mr. Gross, The Nebraska Investment Finance Authority ("NIFA") is pleased to inform you that NIFA has selected MAPA Foundation ("Recipient") to receive an allocation of match funds ("Match Funds") from the NIFA LB 518 Match Program ("Match Program") as further described below. NIFA hereby commits to provide a contribution of Match Funds in the form of a grant in the amount of $250,000 to the Recipient, which Match Funds shall be used by the Recipient for the purposes of assisting Recipient in connection with the workforce housing programs and projects (collectively, the "Project") as described in Recipient's LB 518 Match Program Application submitted to NIFA (the "Match Application"). This commitment of Match Funds as specified above is subject to the receipt by Recipient of an award of funds from the Rural Workforce Housing Fund ("RWHF") administered by the Nebraska Department of Economic Development ("DED"). NIFA reserves the right to adjust the actual amount of Match Funds provided to Recipient based upon the actual amount of RWHF funds awarded to Recipient by DED. Prior to the disbursement of the Match Funds, Recipient and NIFA shall enter into a Match Funds Agreement (the "Agreement"), which Agreement shall contain terms, including but not limited to, those terms set forth in Exhibit A hereto. We look forward to working together with you to provide workforce housing for residents in Nebraska's rural communities. NEBRASKA INVESTMENT FINANCE AUTHORITY,-- � By: - I / V Timothy . Kenny Executive Director 1230 0 street • Suite 200 Lincoln, NE 68508-1402 • (402) 434.3900 • (800) 204-NIFA • rAX: (402) 434-3421 • ww%v nifn.org EXHIBIT A NIFA LB 518 MATCH FUNDS AGREEMENT TERMS The NIFA LB 518 Match Funds Agreement to be entered into by NIFA and Recipient in connection with disbursement of Match Funds shall contain such terms as specified by NIFA, including but not limited to, those outlined below: I. Scope of Agreement. NIFA hereby allocates to Recipient funds in the form of a grant in the amount of $[ ("Match Funds"), subject to the terms and conditions of this Agreement. 2. Purposes of Match Funds. Recipient shall use Match Funds allocated by NIFA pursuant to this Agreement only for the purposes of assisting Recipient in connection with the workforce housing programs and projects (collectively, the "Project") as further described in Recipient's Match Application, and in conjunction with funds received from the Rural Workforce Housing Fund program administered by the Nebraska Department of Economic Development and other matching funds as outlined in the Recipient's Match Application. 3. Term of Use. Funds representing the Match Funds must be repaid to Recipient and continued to be used in accordance with the terms of the Letter Agreement for a minimum of ten (10) years. Any such future use of Match Funds by Recipient must be approved in writing by NIFA. 4. Revolving Fund. Recipient may NOT use Match Funds to make a grant. Match Funds shall be used by Recipient to establish a financing structure that provides for a revolving fund. Recipient may deposit Match Funds in its rural workforce investment fund or use moneys in the fund to make loans in such a manner as to receive a rate of return at least equal to the rate of inflation' . 5. Specific Authorized Uses. Match Funds shall be provided by NIFA in cash and may be used by Recipient for the following in connection with workforce housing: or other contractual obligations consistent with the NIFA Act other parties (e.g., participations in loans/guarantees) • toan guarantees • loan subsidies • direct loans for lot development or construction of buildings • capitalizing reserve funds • standby or conditional "take-outs" of loans • permanent loans for purchase or rehabilitation of structures • providing technical assistance in connection with the development of workforce housing (such amount not to exceed 10% of the total amount of Match Funds) ' The "rate of inflation" used by the Recipient shall be the current inflation rate for the United States as published by the U.S. Labor Department. such other purposes approved in advance and in writing by NIFA that comply with the provisions of LB 518, the Match Program Guidelines and the NIFA Act. Recipient has indicated in its Match Application that it intends to use the Match Funds for: [INSERT AUTHORIZED USES] 6. Moderate Income Requirement. A percentage of the units ("moderate income units") produced in connection with the use of Match Funds (such percentage to be based upon the percentage that the Match Funds bears to the total cost of the Project) must be made available to members of the workforce population with moderate income (as defined in the Match Program Guidelines as household income which does not exceed 150% of the American Community Surveys -Nebraska Statewide Median Family Income for a'family of four). This moderate income household income limit is subject to change annually and currently the moderate household income limit is $[128,827.50]. 7. Affordability Period. The affordability period of the moderate income units financed through the use of Match Funds shall be a minimum of ten (10) years. 8. Return of Match Funds. Any Match Funds not used by Recipient in accordance with this Agreement by [DATE -TO BE DETERMINED BY NIFA] shall be returned to NIFA. 9. Recipient's Match Application. Complete costs, targeting and operations) submitted in conn subject to review and use by NIFA for purposes o- Match Program. Such details, with the exception c could become part of the public record, published public website. 10. Project Performance Evalua (published by the Joslyn Institute) Project in order to evaluate the Proj, model can be obtained from NIFA at training on the Sustainometrics prix Recipient so desires. -tails of Recipient's Project data (including ction with its Match Application will be analysis and making improvements to the .'Personally Identifiable Information (PII), h NIFA reports and posted on the NIFA )n. NIFA will use the Sustainometrics evaluation model its analysis of the data received regarding Recipient's L's performance. Information about the Sustainometrics o' cost. In addition, NIFA will provide up to 8 hours of Ales and methodology at no cost to Recipient, if the 11. Reporting Requirements. Recipient must provide to NIFA a semi-annual report setting forth the uses and balance of Match Funds in such a manner as prescribed by NIFA. Recipient must provide NIFA documentation, in such a manner as prescribed by NIFA, of its compliance with the requirement to provide a certain percentage of moderate income units. Recipient agrees to allow NIFA, upon request, access to review any and all records maintained by Recipient in connection with its participation in the Match Program and this Agreement. 12. Fair Housing Act. Recipient shall ensure that Project units financed through the use of Match Funds comply with the requirements of the Fair Housing Act, as amended. 13. Americans with Disabilities Act. Recipient shall ensure that Project units financed through the use of Match Funds comply with the requirements of the Americans with Disabilities Act, as amended. 14. Nebraska Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska. Any litigation arising out of or related to this Agreement shall be commenced and maintained solely and exclusively in the state and/or federal courts sitting in Douglas County, Nebraska. 15. Publication of Letter Agreement. Pursuant to the Nebraska Taxpayer Transparency Act (the "Transparency Act"), Neb. Rev. Stat. Section 84-602.01 et seq., this Agreement, is required to be filed in electronic form by NIFA on the website maintained by the Nebraska Department of Administrative Services or other site permitted by the Transparency; Act and accessible to the public. In addition, certain disbursements in connection with this Agreement will be made public by NIFA and posted on a website in accordance with the Transparency Act. By entering into this Agreement, Recipient agrees to the publication by NIFA of the information and contractual agreements required by the Transparency Act.