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2 <br />a 174 -unit housing development designed for occupancy by per- <br />sons and families, including elderly and handicapped persons, <br />eligible for assistance under Section 8 of the Housing Act, <br />to be located in the City (the "Project "), to be owned and <br />operated by Beacon Heights, an Indiana limited partnership <br />(the "Owner"); and <br />"►T_�EREAS, the Owner had indicated that the financing of <br />the Project would be facilitated by the issuance of tax-- <br />exempt permanent and interim obligations by a "public housing <br />agencv`= (or instrumentality thereof) pursuant to Section <br />11(b) of the Housing Act and the regulations promulgated <br />thereunder; and <br />WHEREAS, pursuant to the provisions and requirements of <br />Section 8 of the Housing Act, the United States Department of <br />Housing and Urban Development ( "HUD ") will enter into an <br />Annual Contributions Contract (the "ACC ") with the Authority <br />and the Authority will enter into an Agreement To Enter Into <br />Housing Assistance Payments Contract with the Owner (the "HA13 <br />Agreement ") for the Project, providing for the execution of a <br />Housing Assistance Payments Contract (the "HAP Contract") by <br />the Authority and the Owner upon the completion of the Proj- <br />ect and its acceptance by HUD; and <br />F,HEER.EAS, under the HAP Contract, the Authority will be <br />__:obligated to_make housing_ assistance payments to the Owner on <br />behalf of eligible tenants occupying dwelling units in the <br />Project which housing assistance payments are payable solely <br />from the annual contributions HUD will be obligated to make <br />to the Authority under the ACC; and <br />WHEREAS, in order to raise funds with which to provide <br />the construction loan.financing for the Project, the Corpora- <br />tion intends to issue $5,549,900 maximum approximate aggre- <br />gate principal amount of Construction Loan motes (FHA Insured <br />Advances) (Beacon Heights Apartments) (the "Notes "), to be <br />secured by an Indenture of Trust (the "Note Indenture ") from <br />the Corporation to St. Joseph Valley Bank, Elkhart, Indiana, <br />as Trustee (the "Note Trustee "); and <br />WHEREAS, in order to raise funds with which to provide <br />the permanent mortgage financing for the Project, the Corpo- <br />ration intends to issue $5,800,000 maximum approximate aggre- <br />gate principal amount of Mortgage Revenue Bonds (FHA Insured <br />