Housing Trust Fund
The Village of Oak Park established a Housing Trust Fund to provide and preserve affordable housing opportunities within the Village.
Village staff is available to discuss potential project ideas with applicants and answer questions about applying for these funds. All projects must be located in Oak Park or assist residents of Oak Park. Any applications for projects not meeting these criteria will not be considered and returned.
The Village accepts applications for Housing Trust Fund projects at any time. When allocated funds for are exhausted, applicants will be placed on a waiting list.
Find more information about the Housing Trust Fund in the sections below. Questions can be directed to the Village's Neighborhood Services Department by email at housing@oak-park.us.
Purpose
The Village established a Housing Trust Fund to be held as a separate fund within the Village for the sole purpose of providing and preserving affordable housing opportunities in Oak Park. Proposals for use of these funds may include, but are not limited to:
- The production of affordable housing, acquisition and disposition of property to provide affordable housing.
- Grants or loans for not-for-profit organizations actively engaged in addressing the housing needs of eligible households.
- Financial assistance to rent dwelling units.
- Financial assistance to purchase dwelling units.
- Financial assistance to preserve or maintain existing affordable housing.
- Weatherization of dwelling units occupied by eligible households.
- Emergency repairs to dwelling units occupied by eligible households.
Funding source
The funds for affordable housing projects will be paid by the Village of Oak Park’s Housing Trust Fund.
Proposals
Respondents should apply using the online Application for Affordable Housing Trust Fund form - click here to apply
Qualifications
All applicants are asked to provide the following supporting documents. Any questions about documentation should be directed to housing@oak-park.us.
- Audited financial statement, tax returns and/or 990 for the past two years
- Most current interim financial statements
- Bios of key staff
- Board list, including affiliations, for nonprofit applicants
- IRS 501©3 Determination Letter for nonprofit applicants
Evaluation criteria
The following list of criteria (order of list is without regard to importance or priority and is not inclusive) is representative of what the Village of Oak Park will use to evaluate proposals:
- Applications that provide for leveraging of funds for projects, i.e., that yield a larger amount of housing provided or a larger dollar value for the level of funding being sought;
- Applications that provide the longest term of permanent affordability; and
- Applications that provide housing to serve the needs of households with the lowest incomes.
Application review
Applications will be reviewed within two weeks. Those that comply with the applicable requirements of the Housing Trust Fund Ordinance shall be forwarded to the Housing Programs Advisory Committee for consideration at their next available meeting. The Village reserves the right to accept or reject any application or to waive technicalities, or to accept any item of any proposal. Any application that staff determines does not comply shall be returned to the applicant with a written explanation of why the application will not be considered. The Housing Programs Advisory Committee shall review and make recommendations to the Village Board as to whether the application should be awarded funding.
Submission deadline
Applications will be accepted any time. When allocated funds are exhausted, applicants will be placed on a waiting list.
Background
According to a 2023 analysis by the Illinois Housing Development Authority (IHDA), the Village of Oak Park has 5,341 units of affordable housing, i.e. 23.4% of all housing is affordable to homebuyers at 80% of regional median household income and to renters at 60% of the regional median household income.
The Village of Oak Park has a number of proactive housing programs, including the following:
- Small Rental Properties Rehabilitation Loan Program
- Single Family Rehabilitation Loan Program
- Lead Paint Abatement Grant Program
- Lead Water Service Replacement Grant Program
- Senior Home Repair Assistance
- Sewer Backup Protection Program.
- Multi-Family Housing Incentives Grant Program.
In addition, the Village of Oak Park has a Housing Authority (OPHA) that administers the Housing Choice Voucher (HCV) Program (formerly known as the Section 8 housing program). The OPHA also operates rental housing that is specifically designed to serve the Village’s low-income elderly and disabled population. Working with its affiliate, the Oak Park Residence Corporation, the OPHA manages three rental developments containing nearly 300 units. Tenants of these developments receive Federal rent subsidies.
More information about the Village's proactive housing programs can be found at www.oak-park.us/housing.
Character of the area
The Village of Oak Park, Illinois, is a suburban community of 54,583 people located immediately west of the City of Chicago and known for its architectural heritage and diverse population. Within its 4.7 square miles lives one of the region’s most diverse mixes of cultures, races, ethnicities, professions, lifestyles, religions, ages and incomes. Oak Park shares its eastern border with the Austin neighborhood of the City of Chicago. Oak Park and its surrounding areas are mature, built-out communities featuring tremendous opportunity for infill and reinvestment capitalizing on significant existing public infrastructure, including public transit amenities. The Village of Oak Park borders the community of Galewood within the City of Chicago to the north, the City of Chicago’s Austin community to the east, the Villages of River Forest and Forest Park to the west and the City of Berwyn and the Town of Cicero to the south.