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Recording requested by and when recorded mail to: 2006471576 12/28/2006 12:12 PM UFf"ICIHL k!::(Uf<lY; (IF '.L~If":UH; UldJ.II, PRTRICK U'CONNELL RECORDINC FEE 0 ,1(1 14 ro"( ,~.\ Tax Credit Allocation Committee 915 Capitol Mall, Room 485 P.O. Box 942809 Sacramento, CA 94209~0001 Free Recording Requested In Accordance With Govenunent Code 27383 Space above this line for Rccordcr's use REGULATORY AGREEMENT Federal Credits Tax-Exempt Bond Financed Project This Regulatory Agreement (this "Agreement") is made between the California Tax Credit Allocation Committee ("TCAC"), established under Section 50199.8 of the Health and Safety Code of the State of California, and Housing Alliance, L.P., a California Limited Partnership ("Owner") and is dated as of January 10,2006 (the "Effective Date"). The Owner has requested TCAC's determination and TCAC has determined that the Project (as herein defined) satisfies the requirements of the State of Cali fomi a's Qualified Allocation Plan relating to the low-income housing tax credit (the "Federal Tax Credit") under Section 42 of the Internal Revenue Code of 1986. The Tax Credit relates to a multifamily rental housing project known as Lorenzo Creek Apartments, identified in the records ofTCAC by TCAC# CA-2003-899 and IRS Building Identification Number CA-2003-8990l, and located on the real property described in Exhibit A of this Agreement, attached hereto and incorporated herein (the "Project"). This Agreement is intended to constitute the extended low income housing commitment required by Section 42(h)(6) of the Internal Revenue Code. Accordingly, in consideration of the allocation relating to the Tax Credit by TCAC and the requirements ofthe Internal Revenue Code, the Owner and TCAC hereby agree as follows: Section 1. Definitions. a. Unless the context otherwise requires, capitalized terms used in this Agreement shall have the following meanings: "Agreement" means this Regulatory Agreement between TCAC and the Owner. "Applicable Fraction" means the smaller of the Unit Fraction or the Floor Space Fraction, all calculated in accordance with Section 42(c)(1) of the Code. "Area Median Gross Income" means the median gross income of the area in which the Project is located as determined by the Secretary tor purposes of Section 42 ofthe Code, including adjustments for family size. "Assumption Agreement" shall havc the meaning assigned in Section 14 hereof.