Requesting approval for a six (6) month extension to the FY 10 Community Housing Development Organization (CHDO) Agreement between the Urban County Program and Affordable Homes of South Texas, Inc. (AHSTI)

Under 2010 CHDO Agreement, AHSTI is contractually obligated to produce thirty eight (38) units for sale to qualified homebuyers. To date AHSTI has successfully completed thirty (30) homes and sold them to qualified buyers. AHSTI currently has the remaining eight (8) units under construction with all families under contract for purchase. The CHDO has also hired a licensed loan officer and is working to streamline their loan processing in order to remedy the situation. The UCP is recommending an additional six (6) month extension for the completion and final loan closing for all pending units.


                                                                                                                                                                       New
CHDO Name            Fiscal Year             Amount                 Contract Date             Contract Exp.             Contract Exp.
AHSTI                       2010                      $1,000,000             Jan 14, 2011                Sept 12, 2013             March 31, 2014