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"Income Certification" means a Certification of Tenant Eligibility substantially in the form of
Exhibit "A" hereto, as such form may be revised by the Issuer from time to time upon advice of Bond
Counsel.
"Income Tax Regulations" means any applicable final, proposed or temporary regulations and
revenue rulings under the Code. References to a section of the Income Tax Regulations shall be deemed
to include any analogous section of revised or successor regulations.
"Indenture" means the Trust Indenture dated as of July 1, 2026, by and between the Issuer and
the Trustee, under which the Bonds are issued and secured, as the same may be amended, modified or
supplemented from time to time.
" Investor Partner" means USA Institutional Stuart Gardens II LLC, a Delaware limited liability
company, or such other limited partner of the Borrower identified by the Borrower in writing to the Trustee
and the Issuer, and its respective successors and assigns.
"Issuer" means the Newport News Redevelopment and Housing Authority, a political subdivision
of the Commonwealth, duly organized and validly existing under the laws of the Commonwealth, and its
successors and assigns.
"Loan" means the proceeds provided by the Issuer to the Borrower pursuant to the Loan
Agreement.
"Loan Agreement" means the Loan Agreement dated as of July 1, 2026, between the Borrower
and the Issuer, together with any amendments, modifications or supplements thereto.
"Loan Documents" means the Loan Agreement, the Indenture, the Bonds, the Note, and any and
all other instruments executed and delivered in connection with the Loan.
"Low Income Persons or Families" or "Low Income Tenants" means persons whose aggregate
Adjusted Family Income does not exceed 60% of the Median Gross Income for the Area determined by the
Secretary of HUD in a manner consistent with determinations of low income families under Section 8(f)(3)
of the United States Housing Act of 1937, as amended (or, if such program is terminated, under such
program as in effect immediately before such termination), with adjustments for smaller and larger families.
For purposes of this definition, the occupants of a residential unit shall not be deemed to be Low Income
Persons or Families or Low Income Tenants if all the occupants of such residential unit at any time are
"students", as defined in Section 151(c)(4) of the Code, no one of whom is entitled to file a joint return
under Section 6013 of the Code.
"Median Gross Income for the Area" means the median income for the households in the area
which includes the City of Newport News, Virginia, as determined from time to time by the Secretary of
HUD, under Section 8(f)(3) of the United States Housing Act of 1937, as amended (or if such program is
terminated, median income determined under the program in effect immediately before such termination),
in each case as adjusted for family size, all in accordance with Section 142(d) of the Code.
"Mortgage" means the Multifamily Mortgage, Security Agreement, Assignment of Rents, and
Fixture Filing (Virginia) dated as of July __, 2026, given by the Borrower in favor of a deed of trust trustee
named therein for the benefit of the Mortgage Lender, as the same may be amended, modified, assigned or
supplemented from time to time.
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