ACTION REQUESTED:
Title
Communication from the City Manager and Director of Community Development with a Request for the Following:
A. APPROVE an Incumbency Certificate and RESOLUTION Accepting a Grant from the Illinois Housing Development Authority (IHDA) for the LAND BANK CAPACITY PROGRAM GRANT (LBCP), in the Amount of $215,665.00; and
B. ADOPT an ORDINANCE Amending the City of Peoria 2021 REVISED ANNUAL BUDGET Relating To The Capital Fund, to Recognize the Receipt of a Grant from the Illinois Housing Development Authority (IHDA) for the Land Bank Capacity Program Grant (LBCP) and the Corresponding Expenditures, in the Amount of $215,665.00.
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BACKGROUND: The City of Peoria was awarded $215,665.00 in grant funds from IHDA's Land Bank Capacity Program (LBCP). Funding for the Program is derived solely from a national settlement secured by the Illinois' Attorney General, in conjunction with other state attorneys general, the U.S. Department of Justice and the U.S. Department of Housing and Urban Development with the nation's largest banks that has provided $25 billion in assistance nationally to homeowners harmed by fraudulent foreclosure and mortgage servicing practices.
The funds will expand the current capacity of the City of Peoria Land Bank which was originally created from the remainder of the first funding agreement of $150,000 in 2018. Upon the adoption of the ordinance to establish the Land Bank in May 2021, the Community Development Department and IHDA came to an agreement to further fund the City's land banking activities. This Council item is needed to finalize the agreement with IHDA. The LBCP funds will be used to continue to fund the operation of the City of Peoria Land Bank for activities including staff costs, legal counsel, acquisition, rehabilitation, demolition, lot clearing and redevelopment costs as previously brought to and approved by Council in May. All of this was tentatively approved at the Council meeting in May when the ...
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