Title
Joint resolution authorizing a contract with Lake County Residential Development Corporation (LCRDC) to develop rental housing, as authorized by the 2010 Annual Action Plan Substantial Amendment for the Neighborhood Stabilization Program, Round 3 (NSP3).
Staff Summary
· On February 8, 2011, the County Board authorized the submittal of a substantial amendment to the 2010 Annual Action Plan in order to receive funds under NSP3.
· The substantial amendment to the 2010 Annual Action Plan, the guiding plan for the NSP3, provided for the awarding of these funds to a non-profit developer to expend those funds and meet this side aside requirement.
· On April 12, 2011, the County Board authorized 1) acceptance of the NSP3 funds; 2) execution of the necessary agreements; and 3) an emergency appropriation to administer the NSP3 funds.
· Federal guidelines require that 25% of Lake County’s NSP3 allocation ($342,606) be dedicated to the production of housing for persons making at or below 50% of the area median income.
· LCRDC was selected through a competitive grant process based on its proven capacity and experience in implementing/managing similar projects.
· This resolution authorizes the County Board Chairman to execute contracts with LCRDC.
Body
WHEREAS, the United States Department of Housing and Urban Development (HUD) has made available over $1 billion in Neighborhood Stabilization Program - Round 3 (NSP3) funds; and
WHEREAS, the Lake County Board previously approved the substantial amendment to the 2010 Annual Action Plan in order to receive these funds; and
WHEREAS, HUD has informed the County that the substantial amendment has been accepted and approved; and
WHEREAS, the Lake County Board authorized the execution of the necessary documents to administer the NSP3 program per the substantial amendment, including subrecipient agreements;
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that a contract with Lake County Reside...
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