Title
Vote to amend terms for Homebuyer Downpayment Assistance Program
Staff Summary
· In the existing homebuyer Downpayment Assistance Program funded by both HOME and LCAHP, the Affordable Housing Corporation ("Corporation") has been charging Lake County a $2,000 fee per homebuyer assisted. In the same program provided for North Chicago, the Corporation has been charging a $1,000 fee per homebuyer assisted.
· When the Corporation learned of these fee eligibility problems, it agreed to reduce its fee per Lake County homebuyer assisted to $1,000 comprised of an industry-standard $500 counseling fee, a $400 underwriting fee and a $100 loan origination fee.