Oak Park, Illinois Village Departments -- Homebuyer's Assistance

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Housing Programs

Homebuyer Assistance | Housing Loans and Grants | Condominium Association Resources

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.

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 .

Multi- Family Rehabilitation Loan and 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 .

Contact Number:
708.358.5410

Email:
housing@oak-park.us

Forms
• 2010 Multifamily program application packet

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