Requesting approval to increase the maximum purchase price from $84,645.00 to $190,152.00 under the HOME Homebuyer Assistance Program.

HUD program rules guiding the Administration of HOME dollars require that the maximum home purchase price of properties assisted through the HOME Homebuyer Assistance Program connot exceed 95% of the area median sales price. On June 3, 2008 the UCP submitted an agenda to the Hidalgo County Commissioners' Court, requesting that the purchase price be decreased from $102,125.00 to $84,645.00 based on recently released data from the Texas A&M Real Estate Center. Due to the drastic drop in the purchase price amount, the UCP submitted a request for clarification to HUD referencing HOMEfire Vol. 9 No. 3, which pertains to maximum purchase price amounts as listed on 203(b) limits authorized by the Economic Stimulus Act of 2008. As per HUD response, the UCP is able to utilize the "pre-stimulus" limit of $200,160.00 versus the new amount of $86,982.00. This clarification allows the UCP to accept 95% of $200,160.00 as the new purchase price limit for our area, which will be $190,152.00.