Submitted By
Ahmad M. Zayyad, Deputy Village Manager/Interim Director of Neighborhood Services
Reviewed By
Erin E. Baynes, Assistant to the Village Manager
Agenda Item Title
Title
A Resolution Approving an Amendment to the Oak Park Residence Corporation Funding Grant Agreement for an Affordable Housing Project Funded by the Housing Trust Fund to Extend the Term of the Agreement from March 20, 2024 to March 31, 2025 and Authorizing its Execution
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Overview
Overview
The Oak Park Residence Corporation requested an amendment to extend the term of its Funding Grant Agreement with the Village.
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Recommendation
Recommendation
Adopt the Resolution.
Background
On March 20, 2023, the Village Board approved four (4) Funding Grant Agreements for Affordable Housing Projects totaling $1,484,000 from the Housing Trust Fund and authorized its execution of the agreements.
One of the four agreements was with the Oak Park Residence Corporation (OPRC), which was awarded a one-year funding grant agreement of $450,000 for a condo deconversion and affordability program. OPRC sought to acquire 8-10 units of condominium housing and de-convert the units into affordable multi-family rental housing.
On February 21, 2024, at the Housing Programs Advisory Committee reviewed the performance of the Trust Fund agreements for Housing Forward and the OPRC. The OPRC had not drawn any funds for their project. Based on their review, HPAC requested additional information from the OPRC.
The OPRC requested to extend their one-year agreement to December 31, 2025, to provide additional time to purchase the units.
On March 20, 2024, HPAC recommended an extension of the OPRC agreement only until March 31, 2025, as opposed to the requested extension to December 31, 2025.
Fiscal Impact
There is no fiscal impact to the Village.
DEI Impact
The Resolution would provide additional time for housing projects which strengthen diversity and inclusion by providing affordable housing units to low-income households. Adoption of the Resolution supports Board Goals of Community Affordability, Racial Equity, and Economic Vitality.
Alternatives
Support the recommendations of the HPAC or adjust the HPAC’s recommendations.
Previous Board Action
On March 20, 2023, the Village Board approved four funding grant agreements for the Affordable Housing Projects totaling $1,484,000 from the Housing Trust Fund and Authorized Execution of the Agreements.
Citizen Advisory Commission Action
On March 20, 2024, HPAC recommended to reduce the funding from Housing Forward’s Crisis Housing and Rental Support agreement by $89,572 and transfer those funds to Housing Forward’s Flexible Rental Assistance Program. At the same meeting, HPAC recommended to extend the OPRC’s Agreement to March 31, 2025 instead of the requested extension to December 31, 2025.
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A