Northbrook board approves contract with housing nonprofit to use village housing trust funds

The Village of Northbrook voted Sept. 9 to authorize an agreement with a local affordable‑housing nonprofit to use the village’s housing trust funds for rehabbing and preserving entry‑level homes as permanently affordable units. Trustee Ross presented the agreement and described how the fund was established: the village collects a $10,000 fee when a demolition occurs in town and accepts certain fees‑in‑lieu tied to development; those dedicated funds are held in a housing trust and can be leveraged to attract state funding or tax credits, staff said. The village’s consultant and staff recommended using a nonprofit partner experienced in acquiring sites, renovating homes and structuring shared‑equity resale formulas that preserve affordability over time. Under the proposed arrangement, the nonprofit acquires the land, renovates or rehabilitates a property, and places resale restrictions so the housing remains affordable in perpetuity; the resident will own the house while the nonprofit retains the land interest under a model commonly used by community land trusts. At the meeting staff said the village has used similar models in other communities and that Community Partners for Affordable Housing (the nonprofit named in the agreement) has an established record of administering these projects. Trustees voted to approve the agreement by roll call. The board’s action authorizes staff to execute the contract; trustees also heard public comments urging clarity about the fund’s financing sources and how town subsidy funds would be used. Staff told the board the housing trust fund typically leverages village funds with state grant or tax‑credit programs and that the nonprofit’s projects aim to preserve affordability for future buyers through resale formulas. The board asked staff to provide additional outreach to residents about the program and to explain enforcement and maintenance responsibilities for preserved homes. Ending: The contract creates a mechanism for the village’s housing trust funds to be deployed with an experienced nonprofit to preserve a small number of permanently affordable homes; staff will return with details on the program’s operations and outreach plans.