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Lake County housing project faces higher modular prices; commissioners weigh state gap funding and timing
Summary
County staff and Oakwood representatives told the Board that final factory pricing for a 24-unit modular housing project came in higher than earlier estimates. Staff recommended applying for maximum state gap funding and asked the board to authorize an application by the May 1 deadline or consider delaying to avoid financial risk.
County staff and representatives from Oakwood told the Lake County Board of County Commissioners that final pricing for a 24‑unit modular housing project has risen, forcing staff and the developer to rework affordability assumptions and funding requests.
Oakwood and county project leads said the factory provided final pricing the morning of the meeting and that Oakwood was negotiating with its supplier to hold pricing past a May 1 cost increase; Oakwood obtained a July 1 pricing hold at the factory. Staff reported there are 97 people who have asked for information about the project and 17 prequalified buyers from the first lottery; about 14 of the eventual buyers are expected to fall below the county’s target area median‑income threshold and require subsidy to reach an affordable payment.
Because the new prices push sales prices well above the original affordable target, county project staff described reapplying for state gap funding. Staff…
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