Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
Presentation of Housing Programs Advisory Committee (HPAC) Housing Trust Fund Funding Recommendations, Including Anticipated Future Developer Contributions and Review of Additional Potential Funding Streams
End
Overview
Overview
The Village solicited requests for proposals for affordable housing projects using funds from the Housing Trust Fund. Five applications were submitted and then reviewed by HPAC, who made Board recommendations at their December 2022 meeting. The Board is being asked to review these recommendations for future action. Information will be presented on anticipated future developer contributions and additional potential funding streams.
End
Anticipated Actions/Commitments
Recommendation
Return with a final recommendation for the funding of the affordable housing projects.
Report
This presentation is intended to inform the Village Board of the Housing Programs Advisory Committees' recommendations for the affordable housing projects that were submitted which will be funded through the Housing Trust Fund. Information to assist in the decision process will be presented on potential future developer contributions and additional potential funding streams. Included in this report will be staff's recommendations.
At the April 11, 2022, Village Board meeting, staff presented an overview of Oak Park's affordable housing status and presented a draft housing trust fund article for consideration.
On May 2, 2022, the Village Board approved the Housing Trust Fund ordinance.
On August 19, 2022, the Village issued a request for proposals for affordable housing projects to solicit use of $3,266,183 in the Housing Trust Fund. Five organizations responded to the RFP with projects totaling $1,834,423.
Housing Forward submitted an application for $658,082 over a three-year period to support crisis housing and rental support fo...
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