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A Resolution Of The Village Of Oak Park, Illinois Authorizing The Execution Of An Intergovernmental Cooperation Agreement Between The Village Of Oak Park, Cook County, Illinois And The Town Of Normal, Mclean County, Illinois ("Normal"), And Authorizing Normal To Exercise The Powers Of The Village Of Oak Park In Connection With A Mortgage Credit Certificate Program And A Loan Finance Program
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Introduction
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Staff are seeking approval to enter into an intergovernmental agreement with the Town of Normal to participate in a Mortgage Credit Certificate Program.
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Recommended Action
Approve the resolution.
Prior Board Action
The Board has taken the following prior action(s):
* ID 26-142: Study Session on Homeownership Programs Part 2
* ID 25-185: Study Session on Homeownership Programs
* RES 24-167: A Resolution Adopting the Strategic Vision for Housing Plan Prepared by the Metropolitan Mayors Caucus
* RES 24-115: A Resolution Adopting the 2024-2025 Village Board Goals as Reviewed at the July 10, 2023, July 11, 2023, July 17, 2023 and September 14, 2023 Board Meetings
Background
At the Board's February 24, 2026 study session on homeownership, the Board gave staff feedback that it was supportive of the Village allocating its Private Activity Bond Cap to the Illinois Assist Mortgage Credit Certificate Homeownership program to provide mortgage credit certificates to make homeownership more affordable for low- to moderate-income first-time homebuyers and veterans purchasing in Oak Park.
A Mortgage Credit Certificate (MCC) is a federal tax credit program that helps make homeownership more affordable for low- to moderate-income first-time homebuyers and veterans. The homebuyer can receive a federal tax credit equal to a percentage of the interest they pay on their home loan each year, up to a maximum of $2,000. The remaining mortgage interest paid may still be calculated as an itemized deduction. The credit can then...
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