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Study Session on Homeownership Programs Part 2
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Introduction
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Staff worked in 2025 to develop recommendations on a potential homeownership program for the Village. Staff will present a recommended program and seek feedback from the Board on that recommendation.
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Recommended Action
Staff requests that the Board discuss and provide feedback on the recommended homeownership program.
Prior Board Action
The Board has taken the following prior action(s):
* ID 25-185: Study Session on Homeownership Programs.
* RES 24-167: A Resolution Adopting the Strategic Vision for Housing Plan Prepared by the Metropolitan Mayors Caucus.
* RES 24-115: A Resolution Adopting the 2024-2025 Village Board Goals as Reviewed at the July 10, 2023, July 11, 2023, July 17, 2023 and September 14, 2023 Board Meetings.
Background
Through the 2024-25 Board Goals, the Village Board outlined two initiatives to support homeownership and thereby implement goals for Racial Equity and Vibrant, Diverse, Connected Neighborhoods.
* Explore paths to homeownership with the creation of a Renter to Homeowner Program and utilizing a non-profit organization to develop the means to address the lack of equity in homeownership, including first-time home-buying counseling and potential down payment assistance.
* Implement single-family homeownership strategies to increase affordable options through the use of resources from the Village's Housing Trust Fund.
The Strategic Vision for Housing, adopted in spring 2024, also outlines the Village's two goals related to homeownership and recommends a strategy for achieving those goals.
* GOAL: Expand the variety of homeownership opportunities
* GOAL: Respond to racial disparities in Access to homeownership
* STRATEGY: If homeownership assistance is pursued, design any program to address racial homeownership disparities
In preparation for a deeper dive by staff and discussion by the Housing Programs Advisory C...
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