illi News - Mayor Brandon Johnson and the Chicago Department of Housing Launch Program to Expand and Preserve Affordable Home Ownership Opportunities

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CHICAGO ~ Chicago Department of Housing Launches New Program to Expand Homeownership and Create Wealth Building Opportunities

The Chicago Department of Housing (DOH) has announced the opening of applications for their newly established Shared Equity Investment Program. In partnership with the Chicago Community Loan Foundation (CCLF) and The Resurrection Project (TRP), this initiative aims to expand homeownership, create wealth building opportunities, and support shared equity models of homeownership.

This program is part of Mayor Brandon Johnson's larger Community Wealth Building efforts, with the Mayor's Office of Equity and Racial Justice (OERJ) leading the city's work to promote local, democratic, and shared ownership and control of community assets.

According to Mayor Johnson, "Through this program, we're providing Chicagoans with real pathways to affordable homeownership that build wealth and strengthen our communities. This partnership is a key step in creating lasting, community-owned opportunities that will empower families and foster stability across our neighborhoods."

The Shared Equity Investment Program has two tracks: Purchase Price Assistance led by TRP and Acquisition Support led by CCLF. Both organizations were selected through a Request for Proposals issued by DOH in 2023.

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Lissette Castañeda, Commissioner of the Department of Housing, expressed excitement about continuing to work on new pathways to affordable homeownership. "An equity-based, community-led, and anti-displacement focused approach aligns with our department's mission," she said. "It doesn't just create opportunities today but also ensures such opportunities are preserved for future homeowners."

The Purchase Price Assistance track helps homebuyers reduce the cost of purchasing a housing cooperative (co-op) unit, community land trust (CLT) property, or a deed-restricted unit. Eligible participants can receive up to $60,000 for uses such as principal write-downs, closing costs, private mortgage insurance premiums, and down payment assistance. Homebuyers earning up to 120% of the Area Median Income (AMI) are eligible.

The Acquisition Support track provides funding for co-ops and CLTs to increase the number of permanently affordable units in Chicago. This program offers up to $100,000 per unit for property acquisition costs, holding costs, and legal costs. To be eligible, 51% of units must be priced and sold at rates affordable to households at 80% AMI or below.

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Kristen Komara, Vice President of Full Circle Homes at TRP, expressed pride in partnering with Mayor Johnson and the DOH to create a better future for Black and Brown families. "We believe that everyone deserves safe and affordable housing," she said. "Our mission is to empower individuals and families to build generational wealth and invest in their communities. Initiatives like the Shared Equity Investment Program are not just about improving neighborhoods; they're about uplifting the people who call them home."

Calvin Holmes, President of CCLF, also shared his enthusiasm for serving as a program administrator for the Shared Equity Investment Program. "We are proud to participate in the strengthening of an equitable and inclusive economy," he said. "This is work that CCLF has been doing since its inception as an organization in 1991 and as a community development financial institution since 1996."

Interested individuals or organizations can apply online starting October 29, 2024, through TRP or CCLF. For more information on each Shared Equity Investment Program track and how to apply, visit Chicago.gov/SEIP. This program presents a valuable opportunity for Chicagoans to achieve affordable homeownership while building wealth and strengthening their communities.

Filed Under: Government, City

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