Submitted By
Tammie Grossman, Development Customer Services Director
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
An Ordinance Amending Chapter 12 ("Housing") of the Oak Park Village Code by Adding a New Article 7 ("Housing Trust Fund")
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Overview
Overview
An amendment to the Village Code in the Housing Chapter 12 has been prepared which adds a new Article 7 titled "Housing Trust Fund", as directed by the Village Board. The new language will help in the equitable distribution of funds for affordable housing projects/programs.
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Recommendation
Recommendation
Staff Recommends Approval of the Ordinance
Fiscal Impact
N/A.
Background
At their April 11, 2022 meeting, staff presented an overview of Oak Park's affordable housing status and presented a draft housing trust fund article for consideration.
In recognition of the continual need for affordable housing options, the Village of Oak Park has embraced the following three affordable housing documents:
Village Board Goal: The Village will review current policies and ordinances to identify changes that make Oak Park affordable. Re-visit the inclusionary zoning ordinance and identify if a trust or fund specifically for affordable housing dollars, was adopted on June 14, 2021.
Comprehensive Plan Goal: Provide mixed-income housing that is accessible, integrated, and responsive to the needs of Oak Park's diverse population, adopted on September 14, 2014. Chapter 7: Neighborhoods, Housing & Diversity incorporates a vision for the Village which includes integration, accessible and affordable housing, and diversity with an awareness of mobility and needed services. The Plan sets forth metrics to help measure housing success within our community through a review of multiple family rental licensing and Census data in an effort to sustain and broaden diversity and integration throughout the Village.
Homes for a Changing Region Goal: This report prepared by the Chicago Metropolitan Agency for Planning, a...
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