Submitted By
Ahmad M. Zayyad, Deputy Village Manager / Interim Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Awarding a Multi-Family Housing Incentives Grant in the Amount of $10,000 and Authorizing the Execution of a Marketing Services Agreement (MSA 2311-G)
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Overview
Overview
This Resolution would approve funding for a Multi-Family Incentives Grant for the Oak Park Residence Corporation and authorize the execution of a 3-year marketing services agreement.
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Recommendation
Recommendation
Adopt the Resolution.
Body
Staff Recommendation
Adopt the Resolution.
Fiscal Impact
This grant totals $10,000.00, which will commit the remaining budget of the FY2023 budget for this type of grant, which is $150,000. Funding for this program exists in the FY2023 Budget within account # 1001-46206-300-585612 (Development Customer Services - Neighborhood Services, Housing Rehab Property Grants).
Background
The Development Customer Services Department administers the Multi-family Housing Incentives Program, which was established by an Ordinance in 1984. The program is open to multi-family buildings with four or more units. The program has two major purposes: (1) to upgrade the physical conditions of multi-family buildings; (2) to expand the housing choices of renters to encourage diversity. The program has three different types of assistance: (1) Grants of up to $10,000 for buildings or unit improvements; (2) Rental Reimbursement payments for vacant units certified by the Housing and CDBG Programs Division and the Oak Park Regional Housing Center as market-ready within a participating building; and (3) Marketing Services, whereby the Oak Park Regional Housing Center affirmatively markets their units.
On December 12, 2022, the Village issued a Request for Applications to all owners of multi-family buildings to apply for the grants and/or Marketing Services Agreements of the program. On April 25, 2023, the Ho...
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