Rehab loans
Find information about the Village of Oak Park's Single-Family Rehabilitation Loans & Grants and Small Rental Property Rehabilitation Program in the sections below:
Single-Family Rehabilitation Loans & 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:
- 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 to correct single emergencies and emergency code violations such as furnace replacement.
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More rehab loan program information:
Small Rental Property 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 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 email housing@oak-park.us.
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