Title
Joint Resolution authorizing the Chairman of the Lake County Board or her designee to execute the necessary documents to submit an application for the Neighborhood Stabilization Program (NSP) award of additional Community Development Block Grant (CDBG) funds in the amount of $4.6 million dollars 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 dollars in CDBG funds that would be awarded nation-wide under specific prescribed formulas and program requirements for the acquisition of vacant and/or 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 dollars 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 must be submitted to HUD on or before December 1, 2008.
· This resolution approves the Addendum to the 2008 Annual Action Plan and allows Lake County to submit an application for 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, rehabilitated, and sold as affordable housing for low- and moderate-income families; and
WHEREAS, Lake County received notification from the U...
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