HomeMy WebLinkAboutOrd 5379 10/21/2003ORDINANCE NO. 5379
AN ORDINANCE AMENDING ORDINANCE NO. 3147 FOR THE
ESTABLISHMENT OF A HOUSING REHABILITATION LOAN PROGRAM, AND
STANDARDS AND PROCEDURES IN CONNECTION THEREWITH, IN THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Passed and approved by
the President and Board of Trustees
the 21st day of October, 2003
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois,
The 22nd day of October, 2003
I O! 13/0 3
ORDINANCE NO. 5379
AN ORDINANCE AMENDING ORDINANCE NO. 3147
FOR THE ESTABLISHMENT OF A HOUSING REHABILITATION LOAN pROGRAM,
AND STANDARDS AND PROCEDUREs IN CONNECTION THEREWITH,
IN THE VILLAGE OF MOUNT PROSPECT~ ILLINOIS
WHEREAS, on October 6, 1981, the Village of Mount Prospect adopted Ordinance No. 3147, for
the establishment of a Housing Rehabilitation Loan Program; which is attached as Exhibit A.
WHEREAS, the Corporate Authorities of the Village of Mount Prospect deem it necessary to
amend said Ordinance No. 3147;
WHEREAS, Section 6(a) of Article VII of t he 1 970 C onstitution o f IIlinois provides t hat a ny
municipality which has a population of 25,000 is a home rule unit and may exercise any power and
perform any function pertaining to its government and affairs including, but not limited to, the power
to tax and to incur debts; and
WHEREAS, the Village of Mount Prospect, Cook County, Illinois ("the Village'~ has a population in
excess of 25,000 and is therefore a home rule unit and may exercise any of the aforementioned
powers to perform any of the aforementioned functions pertaining to its government and affairs;
and
WHEREAS, the United States Department of Housing and Urban Development ("HUD'~ has
available Federal funds under the Community Development Block Grant ("CDBG'~ Program for
use in municipalities in establishing and administering direct rehabilitation loans or grants to
property owners to restore and rehabilitate deteriorated property within the municipality; and
WHEREAS, it has been deemed necessary and in the best interest of the Village of
Mount Prospect to establish a Housing Rehabilitation Loan Program ("Program") within the Village
using Federal grant funds from the CDBG Grant Program in order to provide for and to promote
the public health, safety and welfare, to encourage the rehabilitation of deteriorating dwelling
structures within the community, to promote the elimination of urban blight, and to preserve and
increase residential property values within the Village; and
WHEREAS, it is the determination of this Village that such financial assistance be made available
in the form of deferred payment, non-interest bearing loans, to Iow and moderate income
homeowners to effectuate the rehabilitation of dwelling units within the Village in accordance with
the standards and procedures hereinafter set forth; and
WHEREAS, the Village deems it in the best interest of the Village residents to add greater flexibility
in repayment of the loans made under the program:
OW, THEREFORE, BE IT ORDAINED BYTHE PRESIDENT OF THE BOARD OF TRUSTEES
IN THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AS FOLLOWS:
SECTION ONE: That the Program guidelines under Section 6 of Ordinance No. 3147 shall be
amended to reflect the following:
The loan shall be a deferred payment, non-interest bearing loan, and shall be payable,
in full, to the Village at such time as the title to or interest in the real estate, which is the
subject of said loan shall be transferred by any means to any person or entity other
than the loan applicant(s). The repayment is triggered by any means other than a land
trust where the applicant is the sole beneficiary(les). The twenty-year repayment rule
from the date of the loan agreement shall be eliminated.
SECTION TWO: This Ordinance shall be in full force and effect from and after its passage,
approval and publication in pamphlet form in the manner provided by law."
AYES:
Hoefert, Lohrstorfer, Skowron, Farley
NAYS: None
ABSENT: Corcoran, Wilks, Zadel
PASSED and APPROVED this 21st day of October, 2003.
Velma W. I/owe
Village Clerk
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