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Village of Oak Park Homebuyer program

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The Housing Programs Division provides loans and grants to eligible multi-family and single family properties for rehab/improvements throughout the Village. The Division also administers programs to help eligible applicants buy their first homes, and provides loans for garage repair and replacement.
Energy, water efficiency rebates

A new Village program funded by the Oak Park River Forest Community Foundation offers rebates to help homeowners reduce energy waste and use. The Energy and Water Efficiency Rebate Program will provide $50 each to approximately 50 single-family households to conduct an energy audit and $100 each to 100 households to install low-flow toilets. Another 250 households each will receive free efficient shower heads and faucet aerators. For details, call 708.358.5410 or e-mail housing@oak-park.us.

Energy Audit Rebate Application
Toilet Rebate Application
Water Saver Retrofit Kit Application
Single-Family Rehabilitation Loans and Grants

Oak Parkers with qualifying incomes who own and live in single-family houses are eligible for federally funded rehabilitation home loans. Designed to improve the Village’s housing stock, the loans are intended to bring structures into compliance with housing and building codes and to eliminate health and safety hazards. Funds also may be used for weatherization and to provide accessibility for the disabled. Eligibility for the loans is determined by income limits set for the Chicago area by the Department of Housing and Urban Development. The loan programs include the following:

Village deferred-payment no-interest loans: For low-income owners, loans of up to $25,000 repayable after 20 years.
Emergency loans: No-interest loans of up to $5,000 repayable after five years; for correction of single emergencies and code violations of an emergency nature such as furnace replacement.
For application information, call 358.5410 or e-mail the Housing Division .

Small Rental Rehabilitation Program

The Village of Oak Park uses Community Development Block Grant (CDBG) funds to rehabilitate affordable rental housing units. Property must be either a single-family detached rental dwelling or a multi-family rental building with fewer than eight units. A minimum CDBG project budget is $2,000 per rental unit and the maximum is up to $5,000 per rental unit inclusive of contingency. Priority is given to applications with units having three or more bedrooms. Property owners are required to commit or leverage a minimum 25 percent of the total project cost.

Property owners must abide by all terms of the forgivable mortgage and the Small Rental Rehabilitation Program Loan Commitment and Agreement for five years. During this period, property owners agree that at least 51 percent of units will be rented to tenants with household incomes at or below 80 percent of the area median income for Cook County. The maximum rent charged cannot exceed the most current rent limits published by HUD for the Chicago/Naperville/Joliet area depending on the income level of the applicant.

A Request for Applications is issued annually. For application information, call 708.358.5410 or e-mail the Housing Division .

Multi-Family Housing Incentives Grants

The Multi-Family Housing Incentives Program is designed to encourage fair housing practices, expand housing options for all prospective renters and improve the quality of multiple-family units and dwellings. Qualified applicants may apply for three types of incentives:

Matching Grant program: Grants up to $10,000 or $1,000 per unit whichever is less. Grants must be matched 2:1 by the owner of the building. Vacant units must be affirmatively marketed by the Village’s designate marketing agent, the Oak Park Regional Housing Center, for five years.

Rental Reimbursement: Buildings with a history of marketing difficulties may apply for a one-year contract to receive rental reimbursement for vacant units being affirmatively marketed by the Village’s designate Marketing Agent, the Oak Park Regional Housing Center.

Marketing Services Agreement: Buildings may apply to enter into a one-year agreement to make good faith effort to affirmatively market their units by the Village’s designate marketing agent, the Oak Park Regional Housing Center.
A Request for Applications will be issued annually. For application information, call 708.358.5410 or e-mail the Housing Division