Title
Joint resolution authorizing a substantial amendment to the 2010 Annual Action Plan for the Neighborhood Stabilization Program - Round 3 (NSP3) with the US Department of Housing & Urban Development (HUD).
Staff Summary
· Lake County received notice it is eligible to receive $1,370,421 in NSP3 funds under the Dodd-Frank financial reform legislation.
· In order to receive the funds, Lake County must effectuate a substantial amendment that outlines the proposed use of funds to its 2010 Annual Action Plan.
· The substantial amendment to the 2010 Annual Action Plan was reviewed and recommended for approval by the Community Development Commission.
· HUD requires a 15 day public comment period for the substantial amendment, which will end February 8.
· The substantial amendment must be submitted to HUD by March 1.
· There is no matching requirement with this grant.
Body
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) has made available over $1 billion dollars under the Neighborhood Stabilization Program - Round 3 (NSP3); and
WHEREAS, Lake County received notification from the HUD that Lake County is eligible to receive $1.37 million in NSP3 funds upon acceptable submission of a substantial amendment to its 2010 Annual Action Plan; and
WHEREAS, the Lake County Board had previously approved the 2010 - 2014 Housing and Community Development Consolidated Plan and the 2010 Annual Action Plan; and
WHEREAS, HUD provided data on the areas of greatest need and set certain parameters that must be met with any plan submission; and
WHEREAS, Community Development staff have met with representatives from the eligible communities to define target areas and strategies; and
WHEREAS, the citizen participation requirements of this program, including a 15-day comment period, have been met; and
WHEREAS, the NSP3 Substantial Amendment to the 2010 Annual Action Plan must be submitted to HUD by March 1, 2011.
NOW, THEREFORE, BE IT RESOLVED, by this County...
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