Title
Joint resolution authorizing additional 2017 grant awards from the Lake County Affordable Housing Program (AHP).
Staff Summary
• The Housing & Community Development Commission (HCDC) was charged with developing 2017 funding recommendations for the Lake County Affordable Housing Program (AHP). In the 2017 application round for affordable housing, there were more than $4.5 million in requests for the available $1.9 million in housing grants available.
• Initial recommendations by the HCDC for investment of Lake County AHP funds were approved by the Lake County Board on March 14, 2017.
• With demand for housing funds far outpacing supply, several 2017 housing projects were recommended for funding, but there were not sufficient funds available. One such project was the potential 78-unit “Towering Oaks” affordable housing development by True Homes in Island Lake. This project scored 73% of available points in the 2017 housing application round, but the HCDC lacked funds with which to assist the project. Staff was instructed by the Affordable Housing Advisory & Recommendation Committee (ARC) to find means of supporting the development.
• Staff has identified $49,789.62 in previously unspent AHP funds available plus $9,818.38 in AHP program income for a total of $57,808 of housing funds available. While this amount pales in comparison to the gap funding still needed by recommended 2017 projects, staff has learned that commitment now of $36,000 in AHP funds for future rental assistance will help True Homes obtain a better score on its application for Low-Income Housing Tax Credits due in June. If True Homes receives an allocation of housing tax credits, it can be considered again for development funding.
• Staff recommends additional AHP 2017 grants of $36,000 for True Homes (for future rental assistance) and the remaining $21,808 for Catholic Charities Rapid Rehousing Program. This amount for Rapid Rehousing would be in addition to an original $75,000 AHP allocation to assist the Program in meeting federal match requirements and in helping more families exit homelessness to housing.
Body
WHEREAS, Lake County has appropriated funds under the Affordable Housing Program (AHP) to increase affordable housing opportunities to residents of Lake County; and
WHEREAS, the Health and Community Services Committee designated the Housing and Community Development Commission (HCDC) to review applications and make recommendations for funding; and
WHEREAS, the HCDC, has identified valuable affordable housing projects requiring funding in excess of its original funding recommendations.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the County Board Chairman or his designee is hereby authorized to execute program contracts with the following agencies, in the amounts shown, for additional affordable housing activities:
• True Homes Towering Oaks New Housing Development in Island Lake - $36,000 Tenant-Based Rental Assistance grant in care of the Lake County Center for Independent Living
• Catholic Charities - additional $21,808 Rapid Rehousing for a total 2017 AHP grant of $96,808
BE IT FURTHER RESOLVED that the County Board Chairman or his designee is hereby authorized to execute lien releases, loan modifications, lien subordinations, and other administrative documents necessary to carry out the Lake County Affordable Housing Program projects.
DATED at Waukegan, Illinois, on June 13, 2017.