Title
Joint resolution adopting the Lake County HOME Investment Partnerships Program (HOME) Homebuyer Policy: Underwriting, Lending and Refinancing Guidelines and the Lake County HOME Consortium: Recapture and Resale Provisions.
Staff Summary
* ?In August 2013, HUD issued a revised HOME rule that governs the administration of the HOME program on the part of the Lake County Consortium.
* ?The County, as lead entity for the Consortium, is required to establish a written policy for Homebuyer programs and projects providing direct assistance to homebuyers as related to underwriting, lending, and refinancing guidelines along with provisions regulating the period of affordability and the return of HOME funds in the case of default or sale.
* ?Community Development staff worked with local partners to draft said policy and adoption of the policy will net continued compliance with HOME rule requirements in accordance with HUD deadlines.
Body
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) requires the adoption of a Homebuyer Policy for programs and projects related to providing direct assistance to homebuyers under the HOME investment Partnerships Program (HOME) with reference to underwriting, lending, and refinancing guidelines; and
WHEREAS, Lake County is also required to adopt provisions for homebuyer programs and projects that regulate the period of affordability and the return of HOME funds in the case of default or sale; and
WHEREAS, Lake County, as lead entity of the Lake County Consortium responsible for the administration of the HOME program is required to approve such policies; and
WHEREAS, the Lake County Housing and Community Development Commission has reviewed and recommends approval of the policies: Homebuyer Policy: Underwriting, Lending and Refinancing Guidelines and Lake County HOME Consortium: Recapture and Resale Provisions for implementation in the work of the Lake County Consortium; and
WHEREAS, the ...
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