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MORTGAGE CREDIT CERTIFICATE PROGRAM <br />PROGRAM ADMINISTRATION AGREEMENT <br />This Program Administration Agreement ("Agreement") dated as of <br />February 8, 1994, is made by and between the Illinois Housing <br />Development Authority ("The Authority") ("Program Administrator") and <br />The Village of Elk Grove Village ("Issuer"). <br />WITNESSETH <br />WHEREAS, the Internal Revenue Code of 1986 ("Tax Code") provides <br />for the issuance of Mortgage Credit Certificates ("MCC's") as a means <br />of assisting qualified individuals with the acquisition of new and <br />existing single family housing; and <br />WHEREAS, the Issuer desires to establish the MCC Program <br />("Program") with the allocation of its 1993 bond volume cap as defined <br />in Section 146 of the Tax Code and agrees to issue MCC's in connection <br />with mortgage loans which meet the requirements of the Tax Code in the <br />approximate amount of $1,671,450; and <br />WHEREAS, the Authority wishes to administer the MCC Program for <br />the Issuer. <br />NOW THEREFORE, in consideration of the mutual covenants and <br />agreements herein contained, the Issuer and the Authority agree as <br />follows: <br />1. Issuer hereby appoints the Authority as its agent for receipt <br />and Tax Code compliance review of applications for MCC's under the <br />Program. <br />2. The Authority warrants that it is familiar with Section 25 of <br />the Tax Code and all temporary and permanent regulations applicable <br />thereto as well as all applicable provisions of State law. The <br />Authority hereby agrees to be bound by and comply with all applicable <br />provisions of the Tax Code in effect or that may become effective in <br />the future. <br />3. The Authority hereby agrees to assist the Issuer prepare and <br />file its election to issue MCC's with the Internal Revenue Service, and <br />its report to the Governor's Office on volume cap allocated and issued. <br />4. The Authority hereby agrees to assist the Issuer market the <br />Program to lenders, realtors, homebuilders and the general public. <br />5. The Authority hereby agrees to provide the Issuer with all <br />documents for the MCC Program, including Lender Participation <br />Agreements, Procedural Manuals, Program Forms and Affidavits. <br />6. The Authority hereby agrees to develop and maintain a first <br />come, first served MCC reservation system. <br />