Title
Joint resolution authorizing an emergency appropriation in the amount of $360,998.32 in Community Development U.S. Department of Housing & Urban Development (HUD) grant spending as a result of revenue from the sale of homes purchased and repayments by previous homebuyers under affordable housing programs.
Staff Summary
? Periodically, funds are returned or paid back to the County from federal programs administered by the County. In accordance with federal funding requirements, this resolution re-appropriates returned funds from three separate programs.
? The Housing grant programs (HUD funds) have been running successfully by providing funds to purchase and rehabilitate homes for income-qualified persons. Part of these programs is the repayment of federal funds when the homes are sold or when a housing developer doesn't require all of the funds to complete the purchase and/or rehabilitation.
? This resolution authorizes the re-appropriation of repaid and earned funds for four different reasons. The first repayment is from the sale of three homes, originally purchased and rehabilitated using HOME Investment Partnership Program (HOME) and Neighborhood Stabilization Program (NSP) funds. The sale of these three homes generated $220,063.83 of program income and HUD rules govern the reinvestment of these program dollars.
* The second source of funds is the repayment by the City of Waukegan of $69,011.44 of HOME funds invested in rehabilitating a house that could not be saved.
? The third source of funds is developer interest payments totaling $29,774.32, with the fourth source of funds from housing repayments of $42,148.73 of the HOME, NSP1 and NSP3 affordable housing programs.
* An emergency appropriation in three management centers is necessary to allow for the reinvestment of these funds, as required, in the NSP1, NSP3 and HOME Programs.
Body
RESOLUTION
WHEREAS, Lake County has received revenue from the sale of homes purchased under the HOME Program, ...
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