This week, the Chicago Department of Housing announced the HomeGrown Purchase Assistance Program, which helps low- to moderate-income Chicago households achieve homeownership through financial assistance! The program is designed to expand access to affordable homeownership to Chicagoans that might otherwise be priced out of homeownership due to rising housing costs, by providing grants to cover down payments and closing costs.
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. To see if you are eligible, check out the chart below:
| ZONE A | Grant Amount | ZONE B | Grant Amount |
|---|---|---|---|
| 80% AMI and below | $70,000 | 80% AMI and below | $50,000 |
| 81 – 90% of AMI | $60,000 | 81 – 90% of AMI | $40,000 |
| 91 – 100% of AMI | $50,000 | 91 – 100% of AMI | $30,000 |
| 101 – 120% of AMI | $40,000 | 101 – 120% of AMI | $20,000 |
| 121 – 150% of AMI | $10,000 |
To see if you are income-eligible, check out the Chicago area median household income chart.
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.
The program launches on June 8th! To apply, please visit either of the agencies below:
- The Resurrection Project: resurrectionproject.org/homegrown
- Neighborhood Housing Services of Chicago: NHSChicago.org
For more information about the program, visit www.chicago.gov/homegrown or contact 312-744-3653.