Oak Park approves $1.9M in funding for affordable housing
Oak Park is making significant progress in expanding affordable housing. The Village board unanimously approved allocating over $1.9 million from the housing trust fund to support two developments that will bring 64 new affordable units to the community. Interfaith Housing Development Corporation will lead the Keystone Apartments project at 1106 Madison Street, a five story complex with 36 units for low-income residents, in partnership with Housing Forward. The Community Builders, Inc. will develop a 28 unit building at 6104 Roosevelt Road, which will include live/workspaces for small business owners.
With Oak Park’s cost of living being 22% higher than the national average, these projects play a critical role in making housing more accessible. The funding is contingent on securing additional state grants but if approved, these developments will provide stable homes for those in need. Village trustees also discussed the future of the housing trust fund, considering caps on grants and potential programs to support homeownership.
As the conversation continues, Oak Park remains committed to creating a more inclusive and affordable community.
