Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
Presentation of Housing Programs Advisory Committee (HPAC) Housing Trust Fund Funding Recommendations, Including Anticipated Future Developer Contributions and Review of Additional Potential Funding Streams
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Overview
Overview
The Village solicited requests for proposals for affordable housing projects using funds from the Housing Trust Fund. Five applications were submitted and then reviewed by HPAC, who made Board recommendations at their December 2022 meeting. The Board is being asked to review these recommendations for future action. Information will be presented on anticipated future developer contributions and additional potential funding streams.
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Anticipated Actions/Commitments
Recommendation
Return with a final recommendation for the funding of the affordable housing projects.
Report
This presentation is intended to inform the Village Board of the Housing Programs Advisory Committees’ recommendations for the affordable housing projects that were submitted which will be funded through the Housing Trust Fund. Information to assist in the decision process will be presented on potential future developer contributions and additional potential funding streams. Included in this report will be staff’s recommendations.
At the April 11, 2022, Village Board meeting, staff presented an overview of Oak Park’s affordable housing status and presented a draft housing trust fund article for consideration.
On May 2, 2022, the Village Board approved the Housing Trust Fund ordinance.
On August 19, 2022, the Village issued a request for proposals for affordable housing projects to solicit use of $3,266,183 in the Housing Trust Fund. Five organizations responded to the RFP with projects totaling $1,834,423.
Housing Forward submitted an application for $658,082 over a three-year period to support crisis housing and rental support for families and transitioned-aged youth. Their project will serve unsheltered transition-aged youths and families.
The Oak Park Homelessness Coalition submitted an application for $251,341 over a two-year period to provide a Flexible Rental Assistance Program (FRAP) to serve households below 50% of the area median income (AMI). This program will serve an estimated 60 households.
The Oak Park Regional Housing Center submitted an application for $350,000 to support Live in Oak Park by Capacity Building. OPRHC will hire a full-time grants manager and a full-time office manager using $200,00. The additional funding request is for a $150,00 low-cost, line-of-credit loan to be used to secure additional funding.
The Oak Park Residence Corporation submitted an application for $450,000 for a condo deconversion and affordability program. OPRC will acquire 8-10 units of condominium housing and de-convert the units into affordable multi-family rental housing.
The West Cook YMCA submitted an application for $125,000 to support housing renovation initiatives. 60% of the funding will provide for the renovation of housing units. 20% of the funding will provide for an elevator renovation. 20% of the funding will provide for housing assistance.
HPAC recommended funds totaling $1,834,423 for all of the projects. From the $3,266,183 in the Housing Trust Fund, $1,431,760 will remain in the funds. With the repayment of the OPRHC loan at the end of the third year, $1,581,760 will remain in the funds.
Staff is recommending all projects be funded except for the OPRHC project. The requests for staffing don’t align with the Housing Trust Fund ordinance. From the $3,266,183 in the Housing Trust Fund, $1,781,760 will remain in the funds for future projects.
DEI Impact
Strengthen diversity and inclusion by providing affordable housing units to low-income households which supports equity within the community.
Alternatives
Support the recommendations of HPAC.
Support the recommendations of Staff.
Make adjustments to either recommendation.