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Winnebago County Board OKs $3.5 million to seed revolving housing loan program after hours of debate
Summary
The Winnebago County Board voted 27–5 to authorize up to $3.5 million from the Spirit Fund for a revolving loan program intended to spur affordable housing; the measure authorizes a procurement process and added an annual performance review and board ratification before any funds are disbursed.
The Winnebago County Board of Supervisors voted 27–5 on Dec. 16 to authorize $3,500,000 from the county’s Spirit Fund to finance a revolving loan program to expedite housing development in the county.
The resolution, as amended, directs county staff to solicit bids for a nonprofit or other managing entity to administer the program and requires that any awarding of funds be ratified by the county board after review by the ARPA commission, the Industrial Development Board (IDB), and the Personnel & Finance Committee. The board also added a requirement for an annual performance review of the managing nonprofit; if solvency or program metrics are not demonstrated the board may rescind funding.
The measure does not authorize any immediate transfers of money. County…
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