Title
Joint resolution authorizing an emergency appropriation in the amount of $405,391.92 of community development program income.
Staff Summary
• Periodically, program income is received by Community Development for programs administered by the County.
• A total of $1,000 of Lake County Affordable Housing Program (LCAHP), $162,534.65 of Community Development Block Grant (CDBG), $144,985.66 of HOME and $96,871.61 of Neighborhood Stabilization Program (NSP) program income has been generated and has not been previously appropriated.
• The program income received was the result of home sales ($228,262.15), loan payments ($55,073.64) and mortgage payoffs ($122,056.13).
Body
RESOLUTION
WHEREAS, Lake County has received revenue from programs funded from federal sources including; Community Development Block Grant (CDBG), HOME Investment Partnership (HOME) and Neighborhood Stabilization Program (NSP); and
WHEREAS, Lake County has received revenue from programs funded from the Lake County Affordable Housing Program (LCAHP); and
WHEREAS, a total of $162,534.65 of CDBG, $144,985.56 of HOME, $96,871.61 of NSP and $1,000 of LCAHP program income has been generated from home sales, loan payments and payoffs; and
WHEREAS, an emergency appropriation is necessary to establish funding to Lake County Board approved AHP, CDBG, HOME and NSP Program investments.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that an emergency appropriation in the amount of $405,391.92 is hereby authorized in the Community Development budget as identified on the attached listing budget modifications attached hereto.
DATED at Waukegan, Illinois, on August 11, 2020.