Oak Park is one of the loveliest areas in all of Illinois, if not the country, to call home. With good schools, neighborhood pride, cultural and recreation opportunities and an interesting and exciting history, it's the American dream personified.
However, even paradise needs a tune up now and then - and that's where Oak Park's Single-family Rehabilitation Loan Program comes in!
From the Oak Park Community Planning and Development website comes this great news for homeowners who would like to improve their current residences:
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:
- Village 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; for correction of single emergencies and code violations of an emergency nature such as furnace replacement.
Applications currently are not being accepted - please check back in spring 2008
Garage Repair/Replacement Loan Program
The Village offers loans of up to $8,500 to help Oak Parkers repair or replace garages at their owner-occupied residences of one to four units. Eligible work includes repairs necessary to correct building code violations and deficiencies, as well as demolition of the existing structure and its replacement, including the concrete pad. Loan terms, based on income levels, are as follows:
- Deferred payment, no-interest loans: Up to $8,500 for low-income property owners, repayable after 10 years.
- Low-interest loans: Up to $8,500 for moderate-income owners, 10-year term, 4 percent interest rate.
Applications currently are not being accepted - please check back in spring 2008
Multi- Family Rehabilitation Loan and Grants
The Village provides financial incentives to owners of multi-family property of four or more units.
New guidelines are being developed. Please check back in Spring 2008.
Security Improvement Grants
The Security Improvement Grant program encourages security enhancements in multi-family buildings of two or more units. Improvements such as intercom systems, window and door locks, lighting, fencing, emergency lighting and alarms may be available after a survey and report by the Resident Beat Officer in the area where the building is located. The matching grants are 60/40 - owner pays 60 percent, Village pays 40 percent, up to a maximum of $600 per unit or $18,000 per building.
As the website says, applications are not being accepted right now, but Spring 2008 is just around the corner, so check the website often.
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