Title
Joint Resolution to accept, appropriate and execute contracts for the Neighborhood Stabilization Program (NSP) award of additional Community Development Block Grant (CDBG) funds in the amount of $4.6 million from the U.S. Department of Housing and Urban Development (HUD).
Staff Summary
· On July 30th Congress passed and the President signed the Housing and Economic Recovery Act of 2008, which contained many different methods of economic stimulus packages.
· One such element was the announcement of $3.92 billion in CDBG funds that would be awarded nationwide under specific prescribed formulas and program requirements for the acquisition of vacant and foreclosed properties that can be acquired, rehabilitated and sold as affordable housing for low- and moderate-income families.
· Lake County was informed on September 26th that it would receive $4.6 million under the Neighborhood Stabilization Program for which HUD rules and regulations were issued on September 29th.
· Lake County will need to develop an Addendum to the 2008 Annual Action Plan 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 Neighborhood Stabilization Program. This Addendum will be presented at the November 18th County Board meeting.
· This resolution allows Lake County to accept these funds, provides for an emergency appropriation of $4.6 million, and execute contracts for the expenditure of these funds.
Body
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) made available through a nation-wide award over $3.92 billion dollars under the Community Development Block Grant (CDBG) Program for the acquisition of vacant and/or foreclosed properties that can be acquired, rehabbed, and sold as affordable housing for low- and moderate-income families; and
WHEREAS, Lake County received notification from the U.S. Department of Housing and Urban Development on September 26, 200...
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