Title
Joint resolution authorizing additional 2017 grant awards from the Lake County Affordable Housing Program (AHP).
Staff Summary
* The Housing and Community Development Commission (HCDC) was charged with developing 2017 funding recommendations for the Lake County Affordable Housing Program (AHP). In the 2017 application round for affordable housing, there were more than $4.5 million in requests for the available $1.9 million in housing grants available.
* Initial recommendations by the HCDC for investment of Lake County AHP funds were approved by the Lake County Board on March 14, 2017.
* With demand for housing funds far outpacing supply, several 2017 housing projects were recommended for funding, but there were not sufficient funds available. One such project was the potential 78-unit "Towering Oaks" affordable housing development by True Homes in Island Lake. This project scored 73% of available points in the 2017 housing application round, but the HCDC lacked funds with which to assist the project. Staff was instructed by the Affordable Housing Advisory and Recommendation Committee (ARC) to find means of supporting the development.
* Staff has identified $49,789.62 in previously unspent AHP funds available plus $9,818.38 in AHP program income for a total of $57,808 of housing funds available. While this amount pales in comparison to the gap funding still needed by recommended 2017 projects, staff has learned that commitment now of $36,000 in AHP funds for future rental assistance will help True Homes obtain a better score on its application for Low-Income Housing Tax Credits due in June. If True Homes receives an allocation of housing tax credits, it can be considered again for development funding.
* Staff recommends additional AHP 2017 grants of $36,000 for True Homes (for future rental assistance) and the remaining $21,808 for Catholic Charities Rapid Rehousing Program. This amount for Rapid Rehousing would be in addition to an original $75,00...
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