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Concur with the Housing Programs Advisory Committee and Adopt the Resolution Creating the Village of Oak Park's Emergency Residential Rehabilitation Loan Program Guidelines
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Introduction
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A Resolution supporting the creation of a stand-alone Emergency Residential Rehabilitation Loan Program Guidelines, which are currently included in the Single-Family Rehabilitation loan program guidelines that were last updated November 19, 2012.
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Recommended Action
Staff recommends that the Board concur with the recommendation of the Housing Programs Advisory Committee to revise the guidelines and approval of the resolution.
Prior Board Action
The Board has taken the following prior action(s):
* 2012-R-246: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2012-R-80: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2009-R-168: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2008-R-086: A Resolution Adopting Amended Guidelines for the Single-Family Rehabilitation Loan Program.
* 2008-R-019: A Resolution Amending Guidelines of the Single-Family Rehabilitation Loan Program.
Background
The Single-Family Rehabilitation Loan Program was established in 1978 with funding provided from the U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) program. The purpose of the rehabilitation program is to assist low- and moderate-income owners earning less than 80% of the Area Median Income (AMI) with maintaining their properties. The program has been revised several times throughout its history. The guidelines were last amended in 2012. The program has long included an emergency loan option for high-priority repairs.
The current program allows no-interest loans of up to $5,000 to be repaid in one lump sum at the end of 5 years or when the property is sold if e...
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