Title
Resolution amending the 2010 Neighborhood Stabilization Program 3 (NSP3) Action Plan.
Staff Summary
· In 2011, the Lake County Board approved an action plan for the use of NSP3 funds for development in areas hardest hit by foreclosures.
· Since engaging in NSP3 implementation, the U.S. Department of Housing and Urban Development has advised the County to amend the 2010 NSP3 Action Plan to ensure successful program execution.
· Changes in market conditions and community need since drafting the original plan call for more flexibility in target areas and strategies to successfully meet expenditure goals.
· Changes to the plan include expansion of the target areas, clarification of the affordable rent definition and inclusion of additional eligible activities.
Body
WHEREAS, the Neighborhood Stabilization Program 3 (NSP3) provided $1.37 million to Lake County from the US Department of Housing & Urban Development (HUD) to purchase and rehabilitate foreclosed homes; and
WHEREAS, the NSP 3 Substantial Amendment to the 2010 Action Plan was authorized by resolution of the County Board in 2011 to guide implementation and expenditures; and
WHEREAS, since the beginning of the grant, market conditions have changed in the NSP3 communities; and
WHEREAS, in response, the Subrecipients and the US Department of Housing and Urban Development provided recommendations to improve the original Substantial Amendment; and
WHEREAS, the County seeks to expand opportunities for the Subrecipients to utilize the funds and to provide further clarification to the document; and
WHEREAS, these changes require an amendment to the Substantial Amendment to continue the successful implementation of NSP3.
NOW, THEREFORE BE IT RESOLVED, by this County Board of Lake County, Illinois, that the Chairman of the County Board is hereby authorized to execute amendments to the NSP3 Substantial Amendment to the 2010 Action Plan.
DATED, at WAUKEGAN, LAKE COUNTY, ILLINOIS on August 13, 2013.