Submitted By
Jonathan Burch, Assistant Village Manager/ Neighborhood Services Director
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
Study Session on Homeownership Programs
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Overview
Overview
Staff will present options for and elements of homeownership programs that will address the racial and ethnic gap in homeownership rates in Oak Park. Staff are seeking direction from the Board on the focus of these programs.
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Recommendation
Recommendation
Staff request that the Board provide direction on the homeownership program elements identified in the presentation. Staff recommends the following elements as program development continues.
* Any program must provide homeownership counseling.
* Whether for shared equity or down payment assistance, a future program should focus on "first generation" homebuyers.
* The Village should prioritize development of a shared equity program.
* Down payment assistance can be valuable for households earning 120% of the area median income and for households looking to purchase a condominium.
Background
The Strategic Vision for Housing sets out two goals related to homeownership.
* Expand the variety of homeownership opportunities
* Respond to racial disparities in homeownership
To address these goals the Strategic Vision recommends the following actions.
* If any homeownership assistance is pursued, design any program to address racial homeownership disparities
o Explore whether Housing Trust Fund changes are needed to support homeownership.
o Explicitly address historical barriers to homeownership that continue to impact Black households.
In keeping with these recommendations, staff has explored three primary veins of homeownership support.
* Homeownership counseling - this is intentional counseling for anyone interested in buying a home to help the understand and prepare for purchasing a home.
* Down payment assistance - this is monetary support given to a household looking t...
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