Dec. 24, 2019 - Helping homeowners pay for needed repairs they otherwise wouldn’t be able to afford is what the Village’s single-family rehab loan program is all about.
Earlier this year Douglas Wyman, an Oak Park resident who has lived in the same home since 1963, used a rehab loan to make repairs to his front steps and interior flooring, replace a boiler and hot water heater, remove lead paint and make weatherization improvements to his house.
Wyman took advantage of an income-based, no-interest rehabilitation loan and a separate lead abatement grant, both adminstered by the Village.
The rehab program offers loans of up to $25,000 to correct health and safety issues and building code violations, such as broken pipes, a leaking roof, crumbling entry stairs, dangerous electrical systems and accessibility obstacles. No monthly payments are required and loans don’t have to be repaid for 20 years or until the property is transferred. Grants do not have to be repaid.
The Village has $175,000 available this year for the federally funded rehab loan program. Eligibility is determined by federal income limits. For example, a family of four with a total household income below $71,300 and a family of two with a household income below $57,050 would qualify for a loan and grant.
For more information visit www.oak-park.us/housing, email firstname.lastname@example.org or call 708.358.5410.