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Concur with the Housing Programs Advisory Committee and Adopt the Resolution Authorizing a Single-Family Housing Rehabilitation Loan (SFR-105)
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Introduction
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The purpose of the Single-Family Housing Rehabilitation (SFR) Loan Program is to address and correct deteriorated and blighted homes throughout the Village. The eligible homeowner requests a deferred loan of $20,842 from the Village.
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Recommended Action
Staff recommends the Board approve the resolution.
Prior Board Action
There is no prior Board action associated with this item.
Background
On July 15, 2025, the Board approved guidelines for the Residential Rehabilitation Program. Prior to that time, the Village operated the Single-Family Housing Rehabilitation (SFR) Program. At that meeting, staff indicated that there were a small number of SFR applications which were still making their way through the approvals process. This is one such application.
Using Community Development Block Grant (CDBG) funding from the U.S. Department of Housing and Urban Development (HUD), the Single-Family Housing Rehabilitation (SFR) Program provides loans to low and very low-income owners/occupants of single-family properties to correct documented or potential code violations, address deficiencies, and make general property improvements. There are two loan products to support program goals: 1) A deferred-payment loan program that provides no-interest loans of up to $25,000, deferred for repayment for 20 years; and 2) an emergency loan program that provides no-interest loans of up to $5,000 per unit, deferred for repayment for 5 years, for correction of single emergencies, code violations of an emergency nature, or life-endangering circumstances. A minimum contingency of 10% is added to the loan principal to cover any unforeseen conditions and is removed from the loan if not used.
The primary eligibility criteria for all loans are as follows: 1) The household income mu...
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