Regular Village Board meetings are held at 7:30 p.m., the first and third Mondays of each month in Council Chambers of Village Hall, 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, usually on the second and fourth Monday. However, dates and times of special meetings can vary and may change.

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File #: RES 23-168    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 5/15/2023 Final action: 5/15/2023
Title: A Resolution Authorizing A Single-Family Housing Rehabilitation Loan (SFR-098)
Attachments: 1. RESOLUTION-Authorizing a Rehab Loan and a Lead Hazard Reduction Grant SFR-098, 2. Exhibit I Mortgage SFR-098, 3. Exhibit II Note SFR-098, 4. Exhibit III Agreement SFR-098
Submitted By
Tammie Grossman, Director of Development Customer Services

Reviewed By
A.M. Zayyad, Deputy Village Manager

Agenda Item Title
A Resolution Authorizing A Single-Family Housing Rehabilitation Loan (SFR-098)

The purpose of the Single-Family Housing Rehabilitation (SFR) Loan Program is to address and correct deteriorated and blighted homes throughout the village. The eligible homeowners are requesting a deferred loan of $23,350.00 from the Village.

Adopt the Resolution

Staff Recommendation
Adopt the Resolution

Fiscal Impact
Funding from the Village loan is from Fund 2020, the Community Development Revolving Loan Fund. This loan will reduce the $77,141.00 loan balance by $23,350.00, to $53,791.00 (Account 2020-46206-101-585613).

Using Community Development Block Grant (CDBG) funding from the U.S. Department of Housing and Urban Development (HUD), the Single-Family Housing Rehabilitation (SFR) Program provides loans to low-and-very low-income owners/occupants of single-family properties to correct documented or potential code violations, deficiencies, and to make general property improvements. There are two loan products to accomplish program goals: 1) A Deferred-Payment Loan Program which makes no-interest loans of up to $25,000, deferred for repayment for 20 years; and 2) An Emergency Loan program which makes no-interest loans of up to $5,000 per unit, deferred for repayment for 5 years, for correction of single emergencies, code violations of an emergency nature, or life-endangering circumstances. A minimum contingency of 10% is added to the principal on the loan to cover any unforeseen conditions and is removed from the loan if not used.

The primary eligibility criteria for all loans are as follows: 1.) The household income must be within HUD income limits; 2.) There must be adequate equity; 3.) Rehabilitation work must be primarily Code-related, basic repa...

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