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PROPOSED RESOLUTION
PROPOSAL FOR FUNDING - MARKET RATE DOWN PAYMENT ASSISTANCE PROGRAM
WHEREAS, the Board of Commissioners of Cook County ("the Board") determined 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 determined 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 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 Cook County Board of Commissioners via Resolution 16-1343, as amended, authorized the Market Rate DPA Program that has been in continuous operation, most recently amended via Resolution 24-2513 to create a direct homebuyer subsidy utilizing American Rescue Plan Act (ARPA) Funding; and
WHEREAS, the Board is further desirous that to administer the Market Rate DPA the Bureau of Economic Development's Department of Planning and Development and the Bureau of Finance retain Stifel, Nicholas & Company Incorporated (Stifel, Inc.) and Club 720 as Joint Administrators of the Market Rate DPA Program, to administer the 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 Rate ...
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