Requesting approval for loan extension of the Hidalgo County HOME loan between Edcouch Housing Development, L.P., a Texas Limited Partnership (“Borrower”) and Hidalgo County Texas, acting through its Urban County Program, a Texas governmental entity (“Lender”).

The Hidalgo County Urban County Program executed a Promissory Note with the Edcouch Housing Development, L.P. on November 26, 2007 in the amount of $150,000 to be used as a portion of construction costs for the multi-family housing development known as the Casa Mesina located in Edcouch Texas.  The terms of this note express that full re-payment of this loan is “due within one year of Borrower’s receipt of the last Certificate of Occupancy for the Apartment Complex”.  The last Certificate of Occupancy was received in March 2009 therefore final payment is due March 2010.  At that time the Borrower requested an extension for re-payment to June 30, 2010 due to unforeseen issues with the conversion of their loan.  The Partnership is now awaiting the final equity payment in order to be able to reimburse the UCP the funds in question.  They are requesting an additional 45 days extension until August 14, 2010.