Requesting approval to amend the CBDO Contract under the Neighborhood Stabilization Program for Affordable Homes of South Texas, Inc. (AHSTI) to include land banking.

Activities being currently undertaken with NSP funds include (a)establishment of financing mechanisms for the purchase and redevelopment of foreclosed homes and residential properties, (b)purchase and rehabilitation of homes and residential properties abandoned or foreclosed, (c)demolition of blighted structures, (d)redevelopment of demolished or vacant properties, and (e) administration and planning costs.

This amendment will allow for the inclusion of LAND BANKING, which is an eligible use under HERA. The UCP will continue to meet the National Objective in benefiting low, moderate and middle income households at or below 120% of the area median income, as well as work in the areas of greatest need within the County of Hidalgo.