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Study Session on Homeownership Programs
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Introduction
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Staff and outside presenters will discuss elements of homeownership programs that will address the racial and ethnic gap in homeownership rates in Oak Park. Staff are seeking direction from the Board on these elements in developing the right program for Oak Park.
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Recommended Action
Staff requests that the Board provide direction on the homeownership program elements identified in the presentation. Staff recommends the following elements as program development continues.
? Any program must provide homeownership counseling.
? Whether for shared equity or down payment assistance, a future program should focus on "first-generation" or "first-time" homebuyers.
? Down payment assistance can be valuable for households earning 120% of the area median income and for households looking to purchase a condominium.
? The Village would need to prioritize the development of a shared equity program to address the affordability of single-family homes since this program provides a deeper subsidy.
Prior Board Action
The Board has taken the following prior action(s):
* 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
The 2024-25 Board Goals include multiple priorities and goals related to homeownership.
* Racial Equity
- 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 downpayment assistance.
* Vibrant, Diverse, Connected Neighborhoods
- Implement single-family homeownership strategies to increase affordable options through the u...
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