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File #: 2024-0774    Version: Name: Ordinance - Rental Property Registrations
Type: MOTION Status: IN BOARD OF TRUSTEES
File created: 10/14/2024 In control: Board of Trustees
On agenda: 11/18/2024 Final action:
Title: /Name/Summary Ordinance - Rental Property Registrations
Attachments: 1. Ordinance - Rental Housing Registration - 2024-11-18

Title/Name/Summary

Ordinance - Rental Property Registrations

History

QUICKFACTS

See also Case 2024-0214

 

Purpose

In March 2024, the Board of Trustees passed an ordinance approving a 9-month Temporary Moratorium on Rental Property Registrations (Ordinance No. 2401). The main reasons for the moratorium were to address a decrease in owner-occupied housing units, and concerns over large national investors converting single family homes into rentals.

 

On November 4, 2024, staff presented its analysis and preliminary recommendations as a discussion item. The Committee of the Whole was supportive of the research, preliminary recommendations, and potential implementation processes and tools.

 

Financial Impact

Short-term costs were not specifically considered. Long-term savings include ease of administration and enforcement of the rental housing program by Village staff, and potential time and cost savings for prospective renters who could be at-risk to potential scams which have occurred in the Village.

 

Recommended Action/Motion

I move to adopt an Ordinance entitled: AN ORDINANCE AMENDING TITLE 5 (BUILDING), CHAPTER 8 (RENTAL HOUSING), SECTION 5-8-1-7 REGARDING RENTAL PROPERTY REGISTRATIONS.