Requesting approval for the First Amendment to the 2015 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 2015 CHDO Agreement in order to allow for reimbursement of soft costs and developer’s fees. The increase in the overall budget in the amount of $47,463 is due to the fact that Proyecto Azteca utilized unanticipated leveraged funds for the purchase of the lots which was not included in the original budget. 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
Pre-Development	---	---	---
Acq/Construction	$300,000	$27,500	$327,500
Soft Costs	---	$90,147	$90,147
Totals	$300,000	$117,647	$417,647

Proposed Budget

	HOME Funds	Leveraged Funds	Total Costs
Pre-Development	---	---	---
Acq/Construction	$262,500	$83,500	$346,000
Soft Costs	$11,250	$81,610	$92,860
Developer's Fee	$26,250	---	$26,250
Totals	$300,000	$165,110	$465,110

Amendment to Agreement Approved by legal December 8, 2016