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.  A second extension was requested and granted on July 20, 2010 for an additional 45 days.  The Partnership has received the information needed for conversion of their loan from the TDHCA, however an auditor must review the documentation in order to submit for funding.  The UCP is requesting an additional sixty days (60) in order to ensure that all pertinent documentation is received allowing for full re-payment of the loan.