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Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 25-288    Name: Housing Trust Fund
Type: Resolution Status: Regular Agenda
In control: President and Board of Trustees
On agenda: 11/18/2025 Final action:
Title: Concur with the Housing Programs Advisory Committee's Recommendations and Adopt a Resolution Awarding a Funding Grant Agreement for an Affordable Housing Project Totaling $450,000 from the Housing Trust Fund and Authorizing Execution of the Agreement with the Oak Park Residence Corporation
Attachments: 1. Resolution - Oak Park Residence Corporation, 2. Agreement - Oak Park Residence Corporation DRAFT, 3. Exhibit 1 Scope of Services - Oak Park Residence Corporation, 4. Exhibit 2 Draft Mortgage 118 Clinton Ave, 5. Exhbit 3 Draft Note 118 Clinton Ave, 6. Exhibit 4 Affordability Repayment Schedule - Oak Park Residence Corporation, 7. Exhibit 5 Funding Distribution - Oak Park Residence Corporation, 8. Exhibit 6 Addendum - Oak Park Residence Corporation, 9. Exhibit 7 Purchasing Policy FINAL October 2016, 10. HPAC (HTF) Project Score Summary 2025 Final
Related files: ID 23-72, RES 23-114, RES 24-225, RES 24-285
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title
title
Concur with the Housing Programs Advisory Committee's Recommendations and Adopt a Resolution Awarding a Funding Grant Agreement for an Affordable Housing Project Totaling $450,000 from the Housing Trust Fund and Authorizing Execution of the Agreement with the Oak Park Residence Corporation
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Introduction
overview
The Housing Programs Advisory Committee (HPAC) has reviewed an application from the Oak Park Residence Corporation (OPRC) for the Housing Trust Fund and is recommending its approval.
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Recommended Action
Staff recommend that the Board concur with the recommendation of HPAC and authorize staff to enter into a funding agreement with the OPRC for conversion of a nine-unit condominium building into affordable rental apartments.
Prior Board Action
The Board has taken the following prior action(s):
* September 16, 2025: RES 24-285 (A Resolution Approving the Village of Oak Park's Housing Trust Fund Program Guidelines)
* June 4, 2025: RES 24-225 (A Resolution Approving an Amendment to the Oak Park Residence Corporation Funding Grant Agreement)
* March 20, 2023: RES 23-114 (Resolutions Awarding Funding Grant Agreements for Affordable Housing Projects Totaling $1,484,000 from the Housing Trust Fund and Authorizing Execution of the Agreements)
* February 13, 2023: 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)
Background
On March 20, 2023, the Village Board approved four (4) Funding Grant Agreements for Affordable Housing Projects totaling $1,484,000 from the Housing Trust Fund and authorized its execution of the agreements. One of the four agreements was with OPRC, which was awarded a one-year funding grant agreement of $450,000 for a condo deconversion project. OPRC sought to acquire an 8-10 unit condominium building in Oak Park and de-convert...

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