Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
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Agenda Item Title
Title
Resolutions Awarding Funding Grant Agreements for Affordable Housing Projects Totaling $1,484,000 from the Housing Trust Fund and Authorizing Execution of the Agreements
1. Housing Forward - $658,082
2. Housing Forward - $251,341
3. Oak Park Residence Corporation - $450,000
4. West Cook YMCA - $125,000
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Overview
Overview
The Village solicited requests for proposals for affordable housing projects using funds from the Housing Trust Fund. Five applications were submitted and reviewed by the Housing Programs Advisory Committee (HPAC) who recommended all five for Board approval. These proposals were presented to the Village Board at a study session with staff recommending to fund four of the five applications.
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Recommendation
Recommendation
Adopt the Resolutions authorizing execution of the agreements.
Background
At the April 11, 2022, Village Board meeting, staff presented an overview of Oak Park's affordable housing status and presented a draft housing trust fund article for consideration.
On May 2, 2022, the Village Board approved the Housing Trust Fund ordinance.
On August 19, 2022, the Village issued a request for proposals for affordable housing projects to solicit use of $3,266,183 in the Housing Trust Fund. Five organizations responded to the RFP with projects totaling $1,834,423.
Housing Forward applied for $658,082 over a three-year period to support crisis housing and rental support for families and transitioned-aged youth. Their project will serve unsheltered transition-aged youths and families. Two potential sites have been identified for their project.
Housing Forward, on behalf of the Oak Park Homelessness Coalition, applied for $251,341 over a two-year period to provide a Flexible Rental Assistance Program (FRAP) to serve households below 50% of the area median income (AMI). This program wi...
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