CITY OF ST. CHARLES: City Housing Initiatives Promote Affordable Home Ownership

By Press release submission

Aug 16, 2018

City of St. Charles issued the following announcement on Aug. 10.

The City of St. Charles has long recognized the importance of preserving and maintaining the quality of its housing stock, while providing a range of housing options to keep St. Charles a place where young people, families, and seniors can and want to live.

Last month, the City Council took steps to help make the dream of owning a home in St. Charles within reach for buyers who normally may be out-priced out of the local market. The Council unanimously approved a new First-Time Homebuyer Program, and established the City’s participation in the Kane County Affordable Housing Fund. These initiatives join with the City’s Home Rehab & Accessibility Loan Program, which began in 2010, to expand affordable housing options for area residents. These programs are made possible by the work of the dedicated citizen volunteers of the St. Charles Housing Commission.

All three of these housing initiatives are funded by the St. Charles Housing Trust Fund. For many years, the City has collected contributions to this fund from developers of new housing for the purpose of preserving affordable housing in the city.

First-Time Homebuyer Program (New!)

The First-Time Homebuyer Loan Program offers down-payment and closing-cost assistance in the form of a 0% interest, deferred-payment loan. Buyers must be income-eligible, meaning household income cannot exceed 80% of the area median income (for example, $50,600 for a family of two or $63,200 for a family of four).

The City’s program works in conjunction with a similar program offered by Kane County. Up to $10,000 in down-payment and closing-cost assistance is available from Kane County, with an additional $10,000 from the City if additional funds are needed to make purchase of the home affordable.

Buyers must currently live or work in Kane County, and must have lived or worked in Kane County for at least one year. Buyers must provide a down-payment of at least 1%. Maximum purchase price limits apply.

For more information, call the Kane County Office of Community Reinvestment at 630.444.3027 or visit http://www.countyofkane.org/Pages/ocr/firstTimeHomebuyer.aspx

Home Rehab & Accessibility Program

The City continues to offer qualified homeowners assistance to maintain and improve their homes through the Home Rehab & Accessibility Loan Program. This program provides 0% interest, deferred-payment loans with income eligibility requirements. This City program also works in conjunction with a similar Kane County program. Up to $20,000 in assistance is available from Kane County, with an additional $10,000 from the City if more funds are needed.

Funds can be used for mechanical repairs, roofs, windows, insulation, exterior painting, termite damage repair, yard cleanup, building security, and exterior work that will improve neighborhood appearance. It also applies to accessibility improvements for physically disabled persons such as grab bars, railings, motorized chair lifts, walk-in showers, doorway widening, ramps, and more.

For more information, call Community Contacts, Inc., at (847) 697-8800.

City Participation in the Kane County Affordable Housing Fund (New!)

St. Charles now participates in the Kane County Affordable Housing Fund, which provides gap financing to developers seeking to preserve and/or develop affordable housing in the county. Developers could receive incentives for projects located in St. Charles, after review and approval by the St. Charles Housing Commission.

Here is one example of how these housing initiatives can make a difference. This home has been completely rehabbed by local contractors with funding from the Affordable Housing Fund, administered by the Kane County Office of Community Reinvestment. While in this case the funding came from federal sources, the concept is the same.

This bright and sunny 2-bed, 1-bath, 884-square-foot home at 522 Union Ave, on St. Charles’ southeast side is for sale. The home has been completely rehabbed by local contractors with federal funding from the Affordable Housing Fund, administered by the Kane County Office of Reinvestment. This home received new siding, windows, refinished hardwood floors, completely new kitchen with stainless steel appliances, updated electric and new mechanicals. Buyers must meet income eligibility requirements. For more information on this and other available properties, check out the Office of Community Reinvestment’s website http://www.countyofkane.org/Pages/ocr/homes4sale.aspx.

Original source can be found here.