Oak Park is accepting applications on a rolling basis for housing trust fund dollars, the intention of which is to provide and preserve affordable housing in the village.
The total balance of the trust fund is about $1,950,000, village officials told Wednesday Journal. When funds are exhausted, any remaining applicants will be placed on a waiting list, village officials said, and the village board could decide if and how to fund additional projects.
Oak Park has been working to improve affordable housing options to support socioeconomic diversity in a densely populated area where the cost of living is about 23% higher than the national average.
According to the Illinois Housing Department Authority’s 2023 analysis, Oak Park has 5,341 affordable housing units for a population of more than 52,000 residents. That means only 23.4% of all village housing is affordable for homebuyers who make 80% of the regional median income and for renters who make 60% of the median income, according to village officials.
Proposals for the housing trust fund are not limited to a specifically outlined category. Rather, the proposals could be for the production of affordable housing, grants or loans to nonprofits addressing housing needs, or financial assistance to rent or buy housing units. Other potential options include financial assistance to preserve existing affordable housing, weather-proofing eligible housing units or conducting emergency repairs.
Applicants can apply online. To qualify, applicants must provide an audited financial statement, tax returns or a 990 form for the past two years. Current interim financial statements and biographies of key staff are also required. For nonprofit organizations applying, the village asks for a board list, including their affiliations, and a 501(c)3 determination letter.
To evaluate the applications, village staff will consider criteria such as what proposals will provide a larger amount of housing per dollar, what will provide the longest-lasting affordability and what will best serve the needs of low-income households. Village staff can also answer applicants’ questions and discuss project ideas prior to submission.
After submissions, applicants can expect an initial review to occur within two weeks. Then, applicants that meet the requirements will be forward onto the housing programs advisory committee for consideration, according to village officials. Those applications that do not meet requirements will be returned to the applicant with a written explanation.
The committee will then make recommendations to the village board, which will decide whether to award funding for the project.
In 2024, the village board has already supported other affordable housing initiatives, including the development of Keystone Apartments on Madison Street, work to expand “missing middle” housing options and the implementation of an Airbnb tax to aid affordable housing services. The Oak Park Housing Authority also administers housing choice vouchers for low-income households.
At the July 30 village board meeting, Jonathan Burch, the neighborhood services director, told the trustees to expect related agenda items to come back in September.