Down Payment Grants for Chicago New Home Buyers

October 04, 2012

In the market to buy a Chicago new home? A new program could net you $15,000 for a down payment.

Illinois Attorney General Lisa Madigan on Wednesday unveiled CityLIFT, a program that will offer more than $8 million in down payment assistance grants to prospective Chicago home buyers to aid in the recovery of the city’s housing market.

down payment grants for chicago new home buyersThe money is coming from the $175 million fair lending settlement between Madigan’s office, the U.S. Department of Justice and Wells Fargo. Of that settlement, $50 million is earmarked for programs that will help home buyers purchase homes in markets hardest hit by the nation’s foreclosure crisis.

Chicago’s program includes $8.2 million in down payment assistance grants for home buyers in Chicago and 30 suburbs of Cook County. Buyers who pre-qualify for mortgage financing can apply for grants of $15,000 that can go toward the purchase of a Chicago-area home.

“This program offers an opportunity for down payment-challenged home buyers to benefit from the low interest rates and affordable home values that are helping to set the stage for a recovery in Chicago’s housing markets,” said Chicago Mayor Rahm Emanuel. “This type of assistance will help new home buyers afford homes in neighborhoods recovering from the foreclosure crisis.”

There will be a free CityLIFT home buyer workshop on Friday and Saturday, October 26-27 from 10 a.m. to 7 p.m. at McCormick Place, 2301 S. Lake Shore Drive, Chicago. Prospective home buyers are encouraged to register by Wednesday, October 24, at Chicago CityLIFT.

At the event, qualified home buyers can apply to receive reserve grants of $15,000 to be used over the next 60 days toward a down payment on a Chicago-area home. The event also will feature the Wells Fargo Affordable Home Tour viewing center, which features local homes for sale.

In addition to Chicago, the Cook County suburbs included in the program are Bedford Park, Bellwood, Berwyn, Blue Island, Calumet City, Chicago Heights, Cicero, Country Club Hills, Dolton, Glenwood, Harvey, Hazel Crest, Homewood, Lansing, Markham, Matteson, Maywood, Oak Lawn, Park Forest, Richton Park, Riverdale, South Holland, Clearing, Forest View, Stickney, Ford Heights, Lynwood, South Chicago Heights and Sauk Village.

“No single program can reverse the effects of the worst housing downturn in our lifetime,” said Attorney General Lisa Madigan. “But through this settlement, families in our hardest-hit communities will gain a new-found opportunity to realize the dream of owning their own home.”

For more information, visit Wells Fargo CityLIFT or call 866-802-0456.

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