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Village to transfer volume cap for homebuyer program after committee approval
Summary
The finance committee approved an ordinance authorizing the transfer of volume cap (unused industrial revenue bond capacity) to support a consortium-led homebuyer program aimed at helping first-time buyers in Palatine; staff said income caps could range roughly from $84,000 to $106,000 depending on household size and area.
The Business, Finance and Budget Committee approved placing on the consent agenda an ordinance authorizing the transfer of the village's volume cap (industrial revenue bond capacity) to support a homebuyer assistance program administered through a consortium of lenders.
A staff presenter explained the concept: "Every year, we look at what we might have in our community or potentially selling off that volume cap to another project in another community... Working through Stern Brothers, they have put together a consortium of lenders that are offering a percent homebuyers program." The staff said the program has income limits that vary by household size and location; "your income levels are gonna be anywhere from a cap of 84,000 up to about 106,000," the presenter said.
Staff and committee members described the proposal as an alternative use of local volume cap rather than turning the village's allocation back to the state. The committee approved forwarding the ordinance to the council consent agenda.
