Title
Joint resolution authorizing an emergency appropriation in the amount of $220,922.67 in Community Development U.S. Department of Housing & Urban Development (HUD) grant spending as a result of revenue from the sale of homes purchased and repayments by previous homebuyers under affordable housing programs.
Staff Summary
? Periodically, funds are returned or paid back to the County from federal programs administered by the County. In accordance with federal funding requirements, this resolution re-appropriates returned funds from three separate programs.
? The Housing grant programs (HUD funds) have been running successfully by providing funds to purchase and rehabilitate homes for income qualified persons buying their first home. Part of these programs is the repayment of federal funds when the homes are sold or when a housing developer doesn't require all of the funds to complete the purchase and/or rehabilitation.
? This resolution authorizes the re-appropriation of repaid funds from three programs. The first repayment is for three homes, originally purchased and rehabilitated using HOME Investment Partnership Program (HOME) funds, which were sold. The sale of these three homes generated $155,403.82 of program income and HUD rules govern the reinvestment of these program dollars.
* The second program is the Neighborhood Stabilization Program 3 (NSP3) where a housing developer has returned $500 of unspent funds that now need to be re-appropriated.
? The third is the Lake County Affordable Housing Program which requires homeowners, who received a grant to buy or rehabilitate a house, to repay the grant if the home is sold during the required period of affordability. This repayment totaled $65,018.85 since March 2017.
* An emergency appropriation including the repayment from all three programs is necessary to allow for the reinvestment of these funds, as required, in the AHP, NSP and HOME Programs.
Body
RESOLUTION
WHEREAS, Lake County has received r...
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