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Concur with the Housing Programs Advisory Committee and Adopt the Resolution Amending the Village of Oak Park's Small Rental Property Rehabilitation Loan Program Guidelines
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Introduction
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A Resolution supporting amendments to the Village's Small Rental Property Rehabilitation Loan Program Guidelines, which were last updated February 3, 2014.
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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):
* 2014-R-28: A Resolution Adopting Amended Guidelines for the Small Rental Rehabilitation Program
* 2012-R-153: A Resolution Adopting Amended Guidelines for the Small Rental Rehabilitation Program
* 2011-R-119: A Resolution Adopting Amended Guidelines for the Small Rental Rehabilitation Program
* 2010-R-128: A Resolution Adopting Guidelines for the Small Rental Rehabilitation Program
Background
The Small Rental Property Rehabilitation Loan Program was established in 2010. It uses Community Development Block Grant (CDBG) funds to make forgivable loans to owners of rental property with fewer than 8 units for the rehabilitation of affordable rental housing units. In exchange for the loan, the property owner must rent at least 51% of the units to households earning less than 80% of the Area Median Income (AMI) and abide by the yearly rent schedule for a specific period of time, either 2 years or 5 years. This is known as the affordability period. The guidelines were last amended in 2014.
Currently, the program has a minimum project budget of $2,000 per unit and a maximum of up to $5,000 per unit. Property owners are required to commit (or leverage) a minimum of 25% of the total project cost.
In January of 2025, the Housing Programs Advisory Committee (HPAC) began reviewing the Single-Family Rehabilitation (SFR) Loan Pr...
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