Title
Joint resolution to approve emergency appropriations, and/or budget modifications, in the amount of $174,569.89 in Neighborhood Stabilization Program 3 (NSP3) (Fund 740) budget to be reimbursed by the U.S. Department of Housing & Urban Development (HUD).
Staff Summary
• Community Development has entered into a Substantial Amendment with HUD to invest NSP3 grant funds.
• The purchase, rehabilitation and resale to income-eligible buyers of NSP3 homes generates program income that must be reinvested in Lake County’s NSP3 program.
• HUD will reimburse Lake County the remaining costs of its NSP3 program up to $174,569.89 (previous grant availability $84,366.74 in excess of budget plus $90,203.15 of NSP3 program income received in FY16). No Lake County matching funds are required for this program.
Body
RESOLUTION
WHEREAS, Lake County, by and through Community Development, administers grants to Lake County from the HUD; and
WHEREAS, in 2011, Lake County received a HUD grant of $1,370,421 in the third round of the NSP3; and
WHEREAS, the purchase, rehabilitation and resale to income eligible buyers of NSP3 homes generates program income that must be reinvested in Lake County’s NSP3 program; and
WHEREAS, the combination of $1,370,421 in the initial NSP3 grant plus NSP3 program income totaling $913,604.39 have resulted in total NSP3 grant capacity of $2,284,025.39 of which $174,569.89 of HUD reimbursement capacity remains; and
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that an Emergency Appropriation in the amount of $174,569.89 in the Community Development budget is hereby authorized in expense and revenue budget accounts as follows:
740-2970011-79950 Expense $174,569.89
740-2970011-45050 Revenue $84,366.74
740-2970011-45360 Revenue $90,203.15
DATED at Waukegan, Illinois, on November 8, 2016.