Oak Park’s village board unanimously approved, with one trustee absent, allocating more than $1.9 million in funding from the housing trust fund to two affordable housing developments, providing 64 new units to the community.
The housing trust fund application opened last August with the intention to provide and preserve affordable housing in the village. In Oak Park, the cost of living is about 22% higher than the national average, according to the Economic Research Institute, who compile and analyze cost of living and salary data. The balance of the trust fund at the end of 2024 was $3,321,543.
Of that roughly $3.3 million, about $1.3 million was already committed to specific projects and programs, such as crisis housing rental support and the flexible rental assistance program.
Interfaith Housing Development Corporation and The Community Builders, Inc., two Chicagoland affordable housing developers, applied for a portion of Oak Park’s housing trust fund dollars.
The board approved allocating more than $1.2 million to Interfaith and $700,000 to Community Builders, with attached conditions.
Both developers have experience in Oak Park. Interfaith built Grove Apartments, affordable housing located above the Sugar Beet Food Co-Op at 812 Madison St. Community Builders also developed “The 801,” another affordable housing complex, at 801 Van Buren St.
Interfaith has committed to developing “Keystone Apartments” for low-income residents at 1106 Madison Street. Trustees approved the special use permit for this development last July.
This five-story apartment complex is expected to have 36 units: 12 studio and the rest one-bedroom. Housing Forward has partnered with Interfaith on this project, with a goal to open in 2026. Keystone Apartments will be affordable to those earning 60% of the area’s median income or less.
Keystone Apartments is expected to cost nearly $16 million to develop. In addition to other state and county funding sources, Interfaith has applied for $7.5 million in grant dollars from the Illinois Housing Development Authority’s Permanent Supportive Housing fund.
Oak Park’s housing trust fund dollars are conditioned on Interfaith receiving that IDHA PSH award.
Community Builders is planning to build an affordable housing complex at 6104 Roosevelt Road. This structure is expected to have 28 units: three studios, 15 one-bedrooms, eight two-bedrooms and two live/work units.
The live/work units would be occupied by residents who live there and also run a small business there.
“I’m excited to see that the project on Roosevelt includes commercial space on the first floor,” Trustee Brian Straw said. “I do hope that with future projects we really prioritize and urge folks to do mixed use development because as we’re working to create bikeable, walkable communities, having that storefront space creates a more walkable community.”
Trustee Cory Wesley added that he’d also like to encourage affordable housing developers to offer retail spaces. It could allow for more diverse businesses, he said, if retail space is offered at more affordable rates.
The development at 6104 Roosevelt Road is expected to cost more than $19 million to build. In addition to other state and county funding, Community Builders has applied for more than $13.6 million from IHDA’s Low Income Housing Tax Credit program.
Oak Park’s housing trust fund dollars are also conditioned on Community Builders receiving that IDHA LIHTC award.
Trustee Lucia Robinson said that she’d like to consider having a cap on grants from the housing trust fund in the future to spread the dollars around more. She also said she wants to earmark some funds for homeownership programs, specifically.
Jonathan Burch, neighborhood services director, suggested developing a downpayment assistance program or home buyer counseling services.
Other trustees said they’d be open to capping grant dollars in the future but would prefer it be tied to the number of affordable housing units provided.
“If a great project came by that was creating a very large number of affordable units, I would be happy to go beyond caps,” Straw said. “It’s about making sure we’re maximizing the impact of the dollars … If we have to put the whole fund into a really great project that is going to solve affordable housing in Oak Park, let’s do it.”
“Please bring everything to us, because what we don’t want is to then be passing up on a project,” Village President Vicki Scaman said to village staff.