Request approval of the First Amendment to the 2015 HOME Community Housing Development Organization (CHDO) Program agreement between Hidalgo County Urban County Program and Affordable Homes of South Texas, Inc. (AHSTI) and approval of the addendum (Right of Exercise) with AHSTI

In review of the current client pipeline, AHSTI has determined that one of the obstacles preventing families from qualifying for its affordable housing program is that the families lack the required down payment funds. As such, AHSTI has requested an amendment to the budget of the 2015 CHDO Agreement in order to allow for inclusion of down payment assistance for the remaining 19 families to be assisted within this contract. AHSTI is requesting to utilize $57,000 of the total contract amount of $600,000, for down payment assistance. The remaining funds in the amount of $543,000 will continue to be used for construction of the units. The amendment will not change the total contract amount or amount of units to produce in the agreement between the UCP and AHSTI. The original budget and new budget line items being requested are as follows:

Original Budget

	HOME Funds	Leveraged Funds	Total Cost
Pre-Development	---	$52,900	$52,900
Acquisition	---	$391,000	$391,000
Construction	$600,000	$771,643	$1,371,643
Const. to Perm Fin.	---	$800,000	$8000,000
Totals	$600,000	$2,015,543	$2,615,543

Proposed Budget

	HOME Funds	Leveraged Funds	Total Cost
Pre-Development	---	$  52,900	$  52,900
Acquisition	---	$ 391,000	$ 391,000
Construction	$543,000	$ 771,643	$1,314,643
Down Payment Asst.	$ 57,000	---	$  57,000
Const. to Perm Fin.	---	$ 800,000	$ 800,000
Totals	$600,000	$2,015,543	$2,615,543

Amendment to Agreement Approved by Legal February 27, 2017