Title
Joint resolution authorizing an emergency appropriation in the amount of $1,666,409 in the Community Development Neighborhood Stabilization (NSP 1 and 3) Program budgets as a result of revenue from the sale of homes purchased under the program.
Staff Summary
· The NSP has been operating successfully and has resulted in the sale of previously foreclosed homes to income qualified persons.
· These homes were originally purchased and rehabilitated using NSP funds.
· Proceeds from the sale of these homes will be used to purchase and rehabilitate more homes pursuant to the program design and requirements.
· An emergency appropriation is necessary to budget the amount received from the sale of homes.
Body
WHEREAS, Lake County has received revenue from the sale of homes purchased under the Neighborhood Stabilization Program; and
WHEREAS, proceeds from the sale of homes is to be used to purchase and rehabilitate more homes to stabilize communities that have been affected by the foreclosure crisis; and
WHEREAS, the revenue in the amount of $1,666,409 was not appropriated in the FY14 budget; and
WHEREAS, an emergency appropriation is necessary to establish funding to continue the successful implementation of the Neighborhood Stabilization Program.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that an emergency appropriation in the amount of $1,304,750 is hereby authorized in revenue account 740-2970010-45360-000-000-000-29710 with a corresponding amount in expense account 740-2970010-79950-000-000-000-29710; $361,659 in revenue account 740-2970011-45360-000-000-000-29711 with a corresponding amount in expense account 740-2970011-79950-000-000-000-29711.
DATED at Waukegan, Lake County, Illinois, on March 11, 2014.