Lake County Housing and Community Development Commission met April 12.
Here is the agenda as provided by the commission:
1. Roll call
2. Approval of minutes
2.1 17-0326
Approval of the February 15, 2017 Minutes
Attachments: 2.15.17 Minutes.pdf
3. Chair's remarks
4. Public comments (items not on the agenda)
5. Old business
6. New business
6.1 17-0421
Action to Meet Home Commitment Deadlines
· At its February 2017 meeting, the Housing & Community Development Commission
(HCDC) approved the allocation of unspent HOME Investment Partnership (HOME)
funds from prior years to housing assistance programs offered by the Affordable
Housing Corporation of Lake County (AHC). The proposed reallocation initially was
$108,360 to down-payment assistance and $245,513.85 to owner-occupied rehabilitation.
· At the time, it was believed this re-allocation would take place in the 2017 Action Plan
which has since been tabled due to lack of FY2017 federal budget.
· As a result of the tabling of the 2017 Action Plan, this time-sensitive re-allocation of
Home funds was submitted in the third amendment to the 2016 Action Plan for the
U.S. Department of Housing & Urban Development (HUD).
· Staff seeks HCDC approval of the attached draft amendments to current grant
agreements between Lake County and AHC for the two housing assistance programs.
Signing the grant amendments for the housing assistance programs will immediately
commit Home dollars in advance of this year’s June 30th HOME commitment deadline.
· The updated proposed reallocation amounts are $139,260 to down-payment assistance
and $245,608.40 to owner-occupied rehabilitation. The increase relative to the initially
approved reallocations is due to a larger amount of pre-2015 HOME funds available
and requiring commitment by June 30th than previously determined.
· Staff recommends a corresponding decrease in future allocation of potential 2017
Home dollars, if any, to AHC down-payment assistance. If approved, this decrease
would be reflected in future publication of the 2017 draft Action Plan.
Attachments: 2016 Home Amendment - AHC DPA - LC 04.2017.pdf
2016 Home Amendment - AHC DPA - Wauk 04.2017.pdf
2016 Home Amendment - AHC OORP 04.2017.pdf
6.2 17-0422
Commission action adopting the Lake County HOME Investment Partnerships Program
(Home) Homebuyer Policy: Underwriting, Lending and Refinancing Guidelines and the Lake
County HOME Consortium: Recapture and Resale Provisions.
· Lake County, as lead entity for the local HOME Investments Partnerships Program
(Home) Consortium, is required to establish a written policy for Homebuyer programs
and projects providing direct assistance to homebuyers as related to #1: Underwriting,
lending, and refinancing guidelines and #2: Provisions regulating the period of
affordability and the return of HOME funds in the case of default or sale.
· Said policies were last updated in September 2015 to conform with new HOME
requirements. Subsequently, the U.S. Department of Housing & Urban Development
(HUD) has provided further feedback causing proposed revisions to these two local
policies.
· HUD feedback specifically requested a change to the “resale” provision calculation, in
which any potential price appreciation of a home under a HOME resale provision period
of affordability is more significantly shared with the homebuyer. Changes to the
underwriting, lending and refinancing guidelines are for clarification purposes.
Attachments: Home Homebuyer policy April 2017 Update Final Version.pdf
Home Homebuyer policy April 2017 Update Markup Version.pdf
Resale_Recapture Policy April 2017 Update Final Version.pdf
Resale_Recapture Policy April 2017 Update Markup Version.pdf
6.3 17-0427
Community Development presentation to the Lake County Mental Health Coalition on housing
& homelessness.
7. Staff reports
8. Adjournment
https://lakecounty.legistar.com/View.ashx?M=A&ID=523108&GUID=EB58B314-7414-4ED7-8A72-08103EB50CF3
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