Page 6, FYI for June 2003 -- Oak Park, Illinois

First-Time Homebuyers

The Village, in cooperation with the Illinois Housing Development Authority (IHDA) and local lenders, promotes the following housing assistance programs to help residents who have not owned a home in the past three years:

• First-Time Homebuyers Programoffers below-market interest rate mortgages and some assistance toward closing costs.

• Mortgage Credit Certificate Program (MCC) gives a first-time homebuyer an income tax credit each year for the life of the mortgage on a single-unit home.

• Home Equity Loan Program (HELP) offers a below-market interest rate on a 30-year mortgage plus a "gift" calculated as a percentage of the amount borrowed that can be used to offset down payment or closing costs.

• Assist Program, like HELP, offers a first-time homebuyer a below-market interest rate on a 30-year mortgage plus a "gift" calculated as a percentage of the amount borrowed that can be used to offset down payment or closing costs.

New homes or existing single-family detached homes, townhomes, condominiums or one unit of a duplex are eligible to participate in the first three programs. In addition, First-time Homebuyers and Assist are available to buyers of multi-family buildings of two to four units in which the purchaser will live. The maximum income is $75,400 for a household of one or two people and $86,710 for a household of three or more. Current property price limits homes are $199,230 for an existing single-unit structure, $224,330 for a two-unit, $271,550 for a three-unit and $315,780 for a four-unit.

Multi-Unit Building Owners

• Diversity Assurance Loans/Grants Qualified owners of multi-family buildings with four or more units may apply for financial assistance under the Village's Diversity Assurance Program. Through the Matching Grant Program, the Village matches the owner's cost of rehabbing up to $2,000 per unit for all buildings new to the program. Housing Bond Loans for rehab financing also are available at a reduced interest rate, as are major mechanical repair or replacement loans. In return for this assistance, owners must make a five-year commitment to list their vacancies with the Oak Park Regional Housing Center, which strives to expand housing choices for renters and encourage racial diversity.

• Security Grants The Security Improvement Grant Program encourages owners of multi-unit residential rental buildings of two or more units to make improvements such as intercom systems, lighting, locks, fencing, windows and alarms. Grants are 20 percent of the cost of improvements up to $200 per unit, or $8,000 per building, and 40 percent of improvements up to $400 per unit, or $16,000 per building. Applicants are eligible to receive grants once every three years.

For both multi-family programs, applicants must have current Village business licenses and be in compliance with all building and housing codes.


	Housing Assistance Programs Call 358.5402 or email comsvcs@oak-park.us

	First-Time Homebuyers The Village, in cooperation with the Illinois Housing Development Authority (IHDA) and local lenders, promotes the following housing assistance programs to help residents who have not owned a home in the past three years: • First-Time Homebuyers Programoffers below-market interest rate mortgages and some assistance toward closing costs. • Mortgage Credit Certificate Program (MCC) gives a first-time homebuyer an income tax credit each year for the life of the mortgage on a single-unit home. • Home Equity Loan Program (HELP) offers a below-market interest rate on a 30-year mortgage plus a "gift" calculated as a percentage of the amount borrowed that can be used to offset down payment or closing costs. • Assist Program, like HELP, offers a first-time homebuyer a below-market interest rate on a 30-year mortgage plus a "gift" calculated as a percentage of the amount borrowed that can be used to offset down payment or closing costs. New homes or existing single-family detached homes, townhomes, condominiums or one unit of a duplex are eligible to participate in the first three programs. In addition, First-time Homebuyers and Assist are available to buyers of multi-family buildings of two to four units in which the purchaser will live. The maximum income is $75,400 for a household of one or two people and $86,710 for a household of three or more. Current property price limits homes are $199,230 for an existing single-unit structure, $224,330 for a two-unit, $271,550 for a three-unit and $315,780 for a four-unit. Multi-Unit Building Owners • Diversity Assurance Loans/Grants Qualified owners of multi-family buildings with four or more units may apply for financial assistance under the Village's Diversity Assurance Program. Through the Matching Grant Program, the Village matches the owner's cost of rehabbing up to $2,000 per unit for all buildings new to the program. Housing Bond Loans for rehab financing also are available at a reduced interest rate, as are major mechanical repair or replacement loans. In return for this assistance, owners must make a five-year commitment to list their vacancies with the Oak Park Regional Housing Center, which strives to expand housing choices for renters and encourage racial diversity. • Security Grants The Security Improvement Grant Program encourages owners of multi-unit residential rental buildings of two or more units to make improvements such as intercom systems, lighting, locks, fencing, windows and alarms. Grants are 20 percent of the cost of improvements up to $200 per unit, or $8,000 per building, and 40 percent of improvements up to $400 per unit, or $16,000 per building. Applicants are eligible to receive grants once every three years. For both multi-family programs, applicants must have current Village business licenses and be in compliance with all building and housing codes.