Lake County commissioners direct staff to contact alternative builders after financing concerns shrink scale of planned homes

At a Dec. 20 special meeting, the Lake County Board of Commissioners directed staff to contact Oakwood Homes and Solution Builders to explore building homes on county-prepared sites after staff and a proposed builder said current construction-financing terms would force the project to shrink.

The action followed staff reports that 20 households applied for a planned affordable-for-sale development on county-readied lots and that lender concerns about interest-rate risk would require an oversized pool of qualified buyers. Michael Yurman, a staff member working on the project, told commissioners the county received 20 applicants and that staff is continuing to process qualifications.

Why it matters: county-prepared sites are engineered and cleared for vertical development, and the project as proposed could deliver up to two dozen homes. Lenders’ requirements, however, could reduce the first phase to about 10 units or fewer, raising per-unit prices and jeopardizing the project's intended affordability and future phases.

Staff summary and lender concerns Michael Yurman said the application period closed with 20 submissions and that staff is still following up with several applicants to complete qualifications. He…