Title
Joint resolution amending the recapitalization of 2014 Lake County HOME Investment Partnerships Program (HOME).
Staff Summary
* In February 2014, the Lake County Board took action to resolve ineligible projects identified by the U.S. Department of Housing and Urban Development (HUD), which included five HOME Investment Partnerships Program (HOME) projects dating back to 1994.
* In lieu of sending cash directly to HUD, Lake County was permitted to invest $271,746.69 of non-federal funds in a local HOME account for creating new housing projects, bound by HOME rules.
* Subsequent to this action, staff followed repayment instructions provided by HUD, and due to a miscommunication during the instruction process, $46,025 were absorbed by U.S. Treasury and are no longer available for local projects.
* The issue of noncompliance has been resolved to HUD's satisfaction, and in lieu of direct repayment of $271,746.69 to HUD, the community has been benefited by $225,721.69 being spent on local projects.
* To address the matter of $46,025 of recaptured funds, staff recommends available HOME program income be used to meet the grant commitments approved by the County Board in June 2014.
Body
RESOLUTION
WHEREAS, Lake County is a recipient of grant funds from the U.S. Department of Housing and Urban Development (HUD), including the HOME Investment Partnerships Program (HOME); and
WHEREAS, HUD identified five ineligible grant projects from 1994 to 2011 that were required to be repaid. The Lake County Board took action to resolve this matter in February 2014; and
WHEREAS, in lieu of sending cash directly to HUD, Lake County was permitted to invest non-federal funds in a local HOME account for creating new HOME projects, bound by HOME rules; thereby replacing the ineligible projects; and
WHEREAS, Community Development's source of repayment included $38,473.69 of third party cash repaid by developers and $233,273.00 of Lake County Affordable ...
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