Our privacy policy has changed. By using this site, you agree to the Privacy Policy and Terms of Use. Dismiss

Shorewood to consider home loan program

Tom Kertscher

May 18, 2009

Shorewood - The Village Board on Monday night will consider creating a loan program aimed at improving housing stock.

The board also will consider hiring a consultant to develop a program aimed at retaining and recruiting retail businesses.

The Neighborhood Improvement Loan Program would be aimed at "enhancing Shorewood's aging housing stock, maintaining the rate of owner-occupied housing units and increasing the number of family-supporting housing" units, according to a memo from Ericka Lang, the village's planning and zoning administrator.

According to the memo:

Loans would be for down payment assistance for homeowners, for improvements to the attics and exteriors of homes, and for the conversion of two-family dwellings into single-family homes.

The program would be funded with $346,500 in village funds. Up to 39 loans, ranging from $4,000 to $20,000, would be available. The interest rate would be zero and the loan would be payable when the property is sold, refinanced or is no longer owner-occupied.

Borrowers would be eligible based on whether their property is worth less than the average of the fair market value for the same-size dwellings in the village, Lang said Monday.

If the board approves the program, the loan applications could be offered within a matter of days, she said.

The village Community Development Authority would oversee the program, and North Shore Bank would handle the loans.

The retail proposal is for a $32,000 contract to be awarded to Business Districts Inc. of Evanston, Ill. The consultant would develop a program aimed at retaining and recruiting retail businesses.


Local Crime Map



Latest Photo Galleries