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Concur with the Housing Programs Advisory Committee and Adopt the Resolution Amending the Village of Oak Park's Residential Rehabilitation Loan Program Guidelines
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Introduction
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A Resolution supporting amendments to the Village's Residential Rehabilitation Loan Program Guidelines, which were last updated November 19, 2012.
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Recommended Action
Staff recommends that the Board concur with the recommendation of the Housing Programs Advisory Committee to revise the guidelines and approval of the resolution.
Prior Board Action
The Board has taken the following prior action(s):
* 2012-R-246: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2012-R-80: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2009-R-168: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2008-R-086: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2008-R-019: A Resolution Amending Guidelines of the Single-Family Rehabilitation Loan Program.
Background
The Single-Family Rehabilitation Loan Program was established in 1978 with funding provided from the U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) program. The purpose of the rehabilitation program is to assist low- and moderate-income owners earning less than 80% of the Area Median Income (AMI) with maintaining their properties. The program has been revised several times throughout its history. The guidelines were last amended in 2012.
Currently, homeowners with qualifying incomes are able to receive a 0% loan of up to a maximum of $25,000, repayable after 20 years or when the owner sells the house. The loan also comes with a lead paint hazard reduction grant. Village staff helps the homeowner with the project scope and in selecting a contractor.
In January of 2025...
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