Title
Joint resolution awarding Lake County Affordable Housing Program (LCAHP) Funds.
Staff Summary
· The Lake County Affordable Housing Program (LCAHP) was created by the Lake County Board in FY2001 with an initial appropriation of $300,000 to support affordable housing activities in Lake County.
· LCAHP funds were last awarded in FY2008. The Lake County Board allocated an additional $700,000 in funds in FY2009/2010. Additional funds reprogrammed from prior years are also available ($64,498.76) and program generated funds from prior years are also available ($50,000). A total of $814,499 is available.
· The Community Development Division received 11 funding applications for FY2009/2010 LCAHP funds totaling $1,202,865. Presentations occurred at the April 27th Health and Community Services Committee meeting.
· This Resolution authorizes the award of LCAHP funds (BOSS Account #101-1102030-72720) in the amount of $610,000 to three separate entities, authorizes the standing committee to review and approve the program contracts and project contingencies, authorizes the County Board Chairman or her designee to execute such program contracts, authorizes the County Board Chairman or her designee to execute lien releases, loan modifications, lien subordinations, and other administrative documents necessary to carry out these awarded projects.
· The following projects are recommended for funding with Lake County Affordable Housing Program (LCAHP) funds:
o Affordable Housing Corporation of Lake County - Homebuyer Assistance/First-Time Homebuyer Program - Lake County first time homebuyer program (FTHB) providing up to $5,000 in purchase assistance (no interest deferred payment loan due upon sale, title transfer, or cash out refinance to cover down payment and closing costs) - $60,000 - 8 households.
o Lake County Residential Development Corporation/Lake Forest LP - Rental Housing Development/New Construction/Settler’s Green - Assistance in the construction of multi-fam...
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