title
PROPOSED PREVIOUSLY APPROVED ITEM AMENDMENT
Department: Department of Planning and Development
Request: Amend a Previously Approved Item
Item Number: 16-1343
Fiscal Impact: N/A
Account(s): N/A
Original Text of Item: PROPOSED ORDINANCE
AUTHORIZING THE INITIATION AND ADMINISTRATION OF A DOWNPAYMENT ASSISTANCE PROGRAM FOR HOME BUYERS COOK COUNTY MARKET RATE DOWN PAYMENT ASSISTANCE PROGRAM
WHEREAS, the Board of Commissioners of Cook County ("the Board") hereby determines it to be advisable and in the best interests of the County, its residents, and its taxpayers that the County continue the promotion of economic development, affordable housing, and home ownership within the County; and
WHEREAS, the Board further determines it to be advisable and in the best interests of the County, its residents, and its taxpayers that the County initiate and administer a program through which qualified first-time home buyers of residences in the County might more easily obtain competitive fixed-rate 30-year mortgage loans coupled with assistance for down payments and closing costs, herein referred to as a Market Rate Down Payment Assistance Program (Market Rate DPA Program); and
WHEREAS, the Board is further desirous that to launch and administer a Market Rate DPA Program, the Bureau of Economic Development's Department of Planning and Development and the Bureau of Finance retain George K. Baum and Associates and other Program Administrators to administer a Market Rate DPA Program in accord with relevant federal, state, and local law, County policies, and established best practices, said administration to include assisting said Bureaus in the promulgation of Program policies and procedures, if any; satisfying requests for assistance, support, and information made by said Bureaus; packaging and circulating the loans into the secondary market; and taking such other action as is necessary, advisable, or incidental to the administration of a Market R...
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