Submitted By
Jonathan Burch, Assistant Village Manager/Neighborhood Services Director
Agenda Item Title
Title
An Update on the Housing Trust Fund and Consolidated Plan
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Overview
Overview
Neighborhood Services staff will provide an update on the Housing Trust Fund and the upcoming 2025-2029 Consolidated Plan.
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Anticipated Actions/Commitments
Recommendation
N/A
Report
Housing Trust Fund
The Village will release a new application for the Housing Trust Fund on August 9, 2024. The application will incorporate several key changes. For one, the application will now be open on a rolling basis, allowing interested parties to apply at any time. The content of the application has been updated based on lessons learned from the last two Housing Trust Fund rounds and feedback from the Housing Programs Advisory Committee. These changes include a short Application Information document that will provide key background on the Housing Trust Fund's purpose and application process.
Staff’s work on the application is part of the ongoing refinement of processes for the Housing Trust Fund in light of the Strategic Vision for Housing. Staff will return to the Village Board with additional Housing Trust Fund items in September.
2025-2029 Consolidated Plan
The Village receives Community Development Block Grant (CDBG) funding each year from the U.S. Department of Housing and Urban Development. CDBG recipients are required to develop a five-year plan that outlines local housing and community development priorities. This plan is called a Consolidated Plan. Those priorities then govern the individual funding decisions made annually with CDBG funds.
The Village’s current Consolidated Plan covers the years 2020-2024. The Village will develop a new plan over the coming year to run from 2025-2029. Staff issued an RFP on June 13 for contractor support to develop the Consolidated Plan. The Village received two bids, both of which are within the Village Manager’s spending authority. Once a vendor is selected, staff anticipates starting work on the plan in September.
DEI Impact
N/A
Alternatives
N/A