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Shorewood to consider home loan program

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.

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