Title
Joint resolution regarding Lake County’s participation in a consortium-wide application for Regional Neighborhood Stabilization Program 2 (NSP 2) funds from the US Department of Housing and Urban Development (HUD) under the American Reinvestment and Recovery Act of 2009.
Staff Summary
· On February 17, 2009 Congress passed and the President signed the American Reinvestment and Recovery Act of 2009 which contained many different methods of Economic Stimulus packages.
· One such element was the announcement of $1.93 billion in CDBG NSP 2 funds that would be awarded under a nation-wide competitive application process along with updated and revised NSP 2 program requirements for the acquisition of vacant, abandoned, and foreclosed upon properties that can be acquired, rehabilitated, and sold/rented as affordable housing for low-, moderate-, and middle-income families in areas of greatest need (as determined by HUD).
· Lake County Staff worked cooperatively with the Chicago Metropolitan Agency for Planning, the Metropolitan Mayors Caucus, and the Metropolitan Planning Council on a Consortium-wide Regional NSP 2 application describing its need for these funds, the housing programs it would institute, and the mechanisms with which it will meet the funding requirements of the Consortium-wide Regional NSP 2 Program.
· The Chicago Metropolitan Agency for Planning will be the lead entity acting in a representative capacity for all members of the Consortium for purposes of making an application to HUD for potential NSP 2 funding and for carrying out the Consortium-wide Regional NSP 2 Program.
· Approval of the joint resolution by the County Board is needed on July 14th for submission to HUD on or before July 17th.
Body
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) has made available through a nation-wide competitive application process over $1.93 billion dollars under the Community Development Block Grant (CDBG) Program for the Neighborhood S...
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