Submitted By
Ahmad Zayyad, Deputy Village Manager, Interim Director of Development Customer Services
Agenda Item Title
Title
Housing Trust Fund Revenue Source Presentation, as initially reviewed by the Village Board at its February 13, 2023 Study Session
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Overview
Overview
Village Staff previously presented potential revenue streams to the Village Board for the Housing Trust Fund. Village Staff has subsequently prepared additional information and analysis of those potential revenue streams for the Village Board's review and consideration.
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Anticipated Actions/Commitments
Recommendation
Pending the Village Board's direction, staff would bring back any necessary Ordinances, at a future meeting, for discussion and consideration.
Report
A special study session was held on February 13, 2023, to review the recommendations of the Housing Programs Advisory Committees' for the affordable housing projects that were submitted to be funded through the Housing Trust Fund (HTF). At that time, staff also presented information on potential "new" ongoing, potentially dedicated revenue streams for the Housing Trust Fund. At its February 13th study session, the Village Board directed staff to gather additional information and do further analysis related to the following previously identified potential revenue sources:
1.) Consider dedicating of a portion of the Village's increased hotel motel tax as a HTF funding source;
2.) Consider dedicating a portion of an increased real estate transfer tax as a HTF funding source:
3.) Consider dedicating the entire, increased demolition permit fee as a HTF funding source;
4.) Consider a 50% increase in the multi-family licensing fees (4 or more units and under 4 units) and dedicating the increase in these fees to the HTF; while
5.) Researching surrounding communities to determine where Oak Park aligns in relation to our hotel motel tax, demolition permit and transfer tax.
Staff will give a PowerPoint presentation t...
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