Lake County Illinois - File #: 19-0644

• File #: 19-0644
• Version: 1
• Name: Recapture/Resale Action Plan Amendments
• Type: commission action item
• Status: Passed
• File created: 4/4/2019
• In control: Housing and Community Development Commission
• Final action: 4/10/2019
• Title: Approval of Lake County HOME Homeownership Value Limits

Date	Ver.	Action By	Action	Result
4/10/2019	1	Housing and Community Development Commission	approved	Pass
4/10/2019	1	Housing and Community Development Commission - Executive Committee	approved	Pass

Title

Approval of Lake County HOME Homeownership Value Limits

Staff Summary

•                     According to regulations for the HOME Investment Partnership Program of the U.S. Department of Housing & Urban Development (HUD), Lake County as a participating jurisdiction can determine its own HOME Homeownership Value limits in lieu of the limits provided by HUD.  The limit should be 95% of the median area purchase price for single family housing.

•                     Each year, Lake County opts to set its own HOME Homeownership Value Limits based on its unique housing market.

•                     For Lake County HOME, the proposed value limit for 2019 is $242,250 based on a 2-month study of recent sales prices of single family homes in Lake County.

•                     If Lake County were not to set its own limit, the maximum value of a HOME-funded affordable house set by HUD is $214,000.  This resale value of a home in Lake County would make it nearly impossible to redevelop affordable homes in most of Lake County.