Title
Ordinance authorizing participation in the ASSIST 2009 First-Time Homebuyers Down Payment Assistance Program
Staff Summary
· This program provides for loans to be made available to first-time homebuyers at interest rates competitive with conventional rates. First-time homebuyers must meet the following criteria: (1) occupy the home as their primary residence; (2) meet income guidelines; and, (3) meet purchase price guidelines.
· ASSIST 2009 provides 4.75% in cash assistance to qualifying homebuyers for closing costs of which 1.75% goes to the lender as origination fees and 3% goes to the homebuyer for closing costs and a down payment.
· The bond is funded out of the Governor’s 2009 unallocated pool of IRB Volume Cap and other government units’ Private Activity Bond Volume Cap. This will be a statewide pool. If needed, Lake County will receive an allocation of First-Time Homebuyers Funds from the Governor’s allocation equal any demand for participation in the program.
· The bond funds are provided to Participating Lenders for their direct loans to Lake County residents.
· Since 2005, Lake County’s participation in the ASSIST Program has helped 209 families purchase homes totaling more than $31 million. The average loan amount was in excess of $152,000. A summary of the originations as well as a map showing the locations of the loans are attached.
Body
Minutes of a regular public meeting of the County Board of The County of Lake, Illinois, held at the County Building, located at 18 North County Street, Waukegan, Illinois at 9:00 o’clock, A.M., on the ______ day of ______________, 2009.
The County Board Chairperson called the meeting to order, and directed the County Clerk to call the roll.
Upon the roll being called, the County Board Chairperson and the following members of the County Board answered present:
.
The following members of the County Board were absent:
.
* * *
(Other Business)
__________________ presented, and the ...
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