On April 27, 2020 the Village Board approved an ordinance approving transfer of volume cap for the purpose of participating in the Assist Homebuyer Assistance Program. Only ceding the 2020 Home Rule Volume Cap was required. There are no costs to the Village, and the program is administered by private home mortgage lenders.

The program will be available to Arlington Heights homebuyers. 

In order to effectuate participation in the Assist Program, the Village Board needs to approve a Resolution and Intergovernmental Agreement with the Town of Normal, which is the lead municipality for the program.

RECOMMENDATION

It is recommended that the Village Board approve the attached Resolution and Intergovernmental Agreement for participation in the Assist Homebuyer Assistance Program.