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An Ordinance Authorizing the Execution of a Development Agreement between the Village of Oak Park and Interfaith Housing Development Corporation
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Introduction
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The purpose of this agenda item is to authorize the Village to enter into a Development Agreement to support the Keystone Apartment project at 1106 Madison Street (P.I.Ns. 16-07-322-024-0000, 16-07-322-025-0000, and 16-07-322-02-0000).
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Recommended Action
Staff recommends the Board of Trustees approve the Ordinance.
Prior Board Action
The Board has taken the following prior action(s):
* On October 15, 2025, the Village Board passed ORD 25-171 (An Ordinance Granting an Extension of a Special Use Permit for a Major Planned Development at the Property Located at 1106 Madison Street)
* On January 8, 2025, the Village Board passed RES 25-111 (Concur with the Housing Programs Advisory Committee's Recommendations and Adopt a Resolution Authorizing the Provision of Conditional Commitment Letters)
* On July 30, 2024, the Village Board passed ORD 24-142 (Concur with the Plan Commission and Adopt an Ordinance Granting a Special Use Permit for a Major Planned Development Containing a Five-Story Residential Building Consisting of 36 Dwelling Units at the Property Located at 1106 Madison Street)
Background
Interfaith Housing Development Corporation has been working with the Village to develop Keystone Apartments at 1106 Madison St over the last two years. They entered into a purchase and sale agreement with Fellowship Christian Church to acquire the site in early 2024. The Board approved the Special Use Permit for this 36-unit affordable housing development at a meeting in July 2024 and renewed that approval in October 2025. All units will be affordable for 50 years to households with incomes lower than 60% of the area median income (AMI). In February 2025, the Board approved the issuance of a conditional commitment letter in support of the project and the use ...
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