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A Resolution Approving the Revised Village of Oak Park’s Housing Trust Fund Program Guidelines
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Introduction
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This item is requesting changes to the Housing Trust Fund Program Guidelines.
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Recommended Action
Staff recommends that the Village Board adopt the revised Housing Trust Fund Program Guidelines, as reviewed and recommended by the Housing Programs Advisory Committee (HPAC).
Prior Board Action
The Board has taken the following prior action(s):
RES 24-385: A Resolution Approving the Village of Oak Park’s Housing Trust Fund Program Guidelines
ID 23-453: Housing Trust Fund Revenue Source Presentation, as initially reviewed by the Village Board February 13, 2023, Study Session
ID 23-72: Presentation of Housing Programs Advisory Committee (HPAC) Housing Trust Fund Funding Recommendations, Including Anticipated Future Developer Contributions and Review of Additional Potential Funding Streams
ID 22-99: Affordable Housing Overview
ORD 22-23: An Ordinance Amending Chapter 12 ("Housing") of the Oak Park Village Code by Adding a New Article 7 ("Housing Trust Fund")
Background
In spring 2022, the Village Board created the Housing Trust Fund to support the equitable distribution of funds for affordable housing projects and programs. The Housing Trust Fund Ordinance establishes the Fund’s overall policy framework, including affordability requirements, eligible uses, and general criteria for evaluating funding proposals. Because the ordinance does not address all the operational details necessary for day-to-day administration, the Village subsequently developed Housing Trust Fund Program Guidelines to provide additional direction for staff, applicants, and HPAC.
The Village Board most recently adopted the Housing Trust Fund Program Guidelines on September 16, 2024. Since that time, staff and HPAC have used the guidelines in the review and evaluation of Housing Trust Fund applications and identified opportunities t...
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