Title
Joint resolution approving an update to the Neighborhood Stabilization Program (NSP) Round 1 Substantial Amendment.
Staff Summary
* The NSP Round 1 Substantial Amendment was last revised in March 2017 to fund planned new construction by Lake County Residential Development Corporation (LCRDC) of four units of veterans' housing at 1235 Victoria in North Chicago.
* At that time, the Housing and Community Development Commission (HCDC) and the Lake County Board approved cessation of acquisition/rehab/resale programs funded by NSP in order to meet United States Housing and Urban Development (HUD) NSP closeout requirements.
* This proposed 2018 revision to the NSP1 Substantial Amendment reallocates $153,444.79 of unspent acquisition/rehab/resale programs plus other unallocated funds to the development of affordable rental units for families at or below 50 percent of area median income to meet the low-income 25 percent investment threshold required by NSP.
* In addition to the veterans' housing, LCRDC will rehabilitate four foreclosed townhomes on Georgetown Lane in Waukegan with NSP1 investment of $427,555.12.
* In a concerted effort to improve the appearance of its single-family residential neighborhoods, the City of North Chicago has enforced several building code requirements that increased the 1235 Victoria veterans housing project budget by $165,018.80, resulting in an NSP1 investment totaling $340,048. This investment cost is reasonable for four new units.
* After January 1, 2019, both LCRDC affordable rental housing projects will move forward under the CPAH name per the merger plans of AHC, CPAH and LCRDC.
Body
RESOLUTION
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) required a Substantial Amendment in 2008 for Neighborhood Stabilization Program (NSP) funds and subsequent amendments to govern the expenditure of this federal funding; and
WHEREAS, the Lake County Citizen Participation plan requires the execution and approval of ...
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