Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
A Resolution Awarding a Small Rental Property Rehabilitation Loan and Authorizing the Execution of a Loan Commitment and Agreement, and an Energy Efficiency Grant for the Property Located at 403 North Humphrey Avenue (SRP-043)
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Overview
Overview
The purpose of the Small Rental Properties Rehabilitation Loan Program is to address deteriorated and blighted homes throughout the Village and to provide affordable rental housing. The eligible owner of this two-unit multi-use property is requesting a forgivable rehabilitation loan of $8,955 and an energy efficiency grant of up to $10,000 from the Village.
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Recommendation
Recommendation
Approve the resolution.
Body
Staff Recommendation
Approve the resolution.
Fiscal Impact
This rehab loan of $20,000 was allocated under the 2021 program year Community Development Block Grant (CDBG) budget. $90,950.00 in funds were allocated to Small Rental Rehabilitation loans in the FY2022 budget. As of now, $90,950.00 of these funds remains available. Once these funds are expended, $81,995.00 will remain available (Account 2083-46201-101-585617).
Funding for the Village energy grant is from Fund 2310, the Sustainability Fund. This grant will reduce the $220,000.00 budget amount for Energy Efficiency grants by $10,000, leaving $191,267.160 (Account 2310.41020.101.570668).
Background
The Development Customer Services Department administers the Small Rental Rehabilitation Loan Program, which was established on November 1, 2010, and funded with Community Development Block Grant (CDBG) funds. The Program is open to rental buildings with seven or fewer units. The Program has two major purposes: (1) to upgrade the physical conditions of small rental buildings; and (2) to expand the housing choices of renters to encourage economic and racial diversity. The Program has two types of assistance: (1) for...
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