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.
More rehab loan program information: