Request approval for the Second Amendment to the 2014 HOME Community Housing Development Organization (CHDO) Program agreement between Hidalgo County Urban County Program and Proyecto Azteca and approval of the addendum (Right of Exercise) with Proyecto Azteca.

 Proyecto Azteca has requested an amendment to the budget of the 2014 CHDO Agreement in order to allow for reimbursement of soft costs and developer’s fees. The decrease in the overall budget in the amount of $18,537 is due to the fact that the original budget included estimated bid amounts. Now however, Proyecto Azteca has actual bid amounts and as such, the total budget has decreased. The amendment will not change the total contract amount or amount of units to produce in the agreement between the UCP and Proyecto Azteca. The original budget and new budget line items being requested are as follows:


Original Budget

	HOME Funds	Leveraged Funds	Total Cost
Acquisition	---	$57,500	$57,500
Construction Costs	$475,000	$27,500	$502,500
Soft Costs	---	$100,147	$100,147
Developer's Fee	---	---	---
Totals	$475,000	$185,147	$660,147

Proposed Budget

	HOME Funds	Leveraged Funds	Total Cost
Acquisition		$57,500	$57,500
Construction Costs	$423,288	$27,500	$450,788
Soft Costs	$21,500	$81,610	$103,110
Developer's Fee	$30,212		$30,212
Totals	$475,000	$166,610	$641,610

 
Amendment to Agreement Approved by legal December 8, 2016