Title
Joint resolution reallocating $1,201,771 of U.S. Treasury Emergency Rental Assistance (ERA2) funds to support the development of affordable rental housing projects.
Staff Summary
• The American Rescue Plan Act of 2021 appropriated $16,336,816.90 of Emergency Rental Assistance (ERA2) funds to Lake County.
• A combination of ERA1 and ERA2 funds provided assistance to over 4,000 households through the Lake County Federal Emergency Rental Assistance (FERA) Program.
• The FERA program closed on June 30, 2022 with a balance of $1,201,771 of ERA2 funds.
• The ERA2 enabling statue allows eligible grantees to allocate unobligated ERA2 funds to support the development of affordable rental housing.
• Staff recommends allocating $1,201,771 of ERA2 funds to support the development of two affordable rental projects with existing Lake County Board approved funding commitments:
o Housing Opportunity Development Corp - Midlothian Manor Apartments ($801,771).
o Lincoln Avenue Capital - Starling Senior Apartments, ($400,000).
Body
RESOLUTION
WHEREAS, the American Rescue Plan Act of 2021 appropriated $16,336,816.90 of Emergency Rental Assistance (ERA2) funds to Lake County; and
WHEREAS, Lake County utilized ERA2 funds to assist low-income residents through the administration of the Federal Emergency Rental Assistance (FERA) Program; and
WHEREAS, the FERA program has closed and a balance of $1,201,771 of unobligated funds exists; and
WHEREAS, the ERA2 enabling statute allows for unobligated ERA2 funds to be used to support the development of affordable rental housing; and
WHEREAS, two previously approved affordable rental housing projects have applied to the Lake County Housing and Community Development Commission (HCDC) for additional funding.
NOW, THEREFORE, BE IT RESOLVED, that $801,771 of ERA2 funds be allocated to Housing Opportunity Development Corporation for Midlothian Manor Apartments and $400,000 of ERA2 funds be allocated to Lincoln Avenue Capital for the development of Starling Senior Apartments; and
BE IT FURTHER RESOLVED, that the Chair of the Lake County Board or their designee is hereby authorized to execute the necessary documents to provide $1,201,771 of ERA2 funds to development of affordable rental housing.
DATED at Waukegan, Illinois, on January 16, 2024.