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.