Hungry Chicago Homebuyers Devour Up to $70k From New Purchase Assistance Program
Hungry Chicago Homebuyers Devour Up to $70k From New Purchase Assistance Program
In the hunt for a Chicago home, or know someone that is?
This week, the Chicago Department of Housing announced the HomeGrown Purchase Assistance Program, which will provide grants up to $70,000 to cover down payments and closing costs. Key differences from past programs is amount offered is way higher than ever before, you can buy in a more affluent area (Zone A) and income limits way higher than before- up to $170,000 for a family of 4.
Grants are awarded based on median household income, and the location of the property. Zone A covers neighborhoods that have experienced significant increases in home sale prices, while Zone B covers low-income census tract areas where 70% or more families have incomes below 80% of the statewide median family income. Here is a link to the zones: https://www.chicago.gov/city/en/depts/doh/provdrs/homebuyers/svcs/HomeGrown.html
HOW MUCH CAN YOU GET
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In addition to meeting income and mortgage requirements, eligible homebuyers must complete homebuyer education counseling, and contribute at least 1% of the original purchase price from personal funds. Grant funds may not exceed 25% of the property purchase price before any other purchase assistance is applied. To protect the City’s investment and support long-term neighborhood stability, participating homebuyers must occupy the purchased home as their principal residence for a minimum of five years. |