Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Committee approves HUD action-plan amendment to move older HOME dollars to a faster-moving project
Summary
Lake County approved a fourth amendment to its FY2025 HUD annual action plan, swapping the year/source of HOME funds between two projects—Northpointe (moving to older HOME dollars) and Mendothian Manor—so the project ready to break ground sooner can use older funds not subject to certain regulatory preferences.
Dominic Strezzo, community development administrator, explained the committee is being asked to approve an amendment to the FY2025 United States Department of Housing and Urban Development (HUD) annual action plan. The amendment reallocates the year of HOME fund sources between two projects — the Northpointe development (Gurnee) and Mendothian Manor (Lake Zurich) — so that older HOME dollars will fund the Northpointe project, which is moving faster and expects to break ground this spring.
Strezzo said the change does not alter the total amounts allocated to either project; rather it swaps funding years so the county spends older money first. He added the developer prefers older HOME funds because older dollars are not subject to certain regulatory constraints, specifically a Build America preference that can add costs. "We're really swapping ... not changes in the amounts, just the source between two proposed projects," Strezzo said.
A committee member suggested capturing successful developer engagement strategies used on Northpointe as a template for future projects. After brief discussion the committee voted to approve the action-plan amendment on a voice vote.
