Launched in partnership with the Chicago Community Loan Foundation (CCLF) and The Resurrection Project (TRP), the City of Chicago's Department of Housing (DOH) has opened the doors for applications to the Shared Equity Investment Program — an initiative designed to bolster homeownership and wealth-building opportunities among city residents, as reported by the City of Chicago. Mayor Brandon Johnson, who has been at the helm of the Community Wealth Building campaign, an effort steered by the Mayor's Office of Equity and Racial Justice, sees the program as an avenue for establishing more democratic ownership of community assets.
Johnson, heralding the program's potential impact, asserted in the press release, "Through this program, we’re providing Chicagoans with real pathways to affordable homeownership that build wealth and strengthen our communities." He emphasized the significance of the initiative in crafting enduring, community-owned opportunities poised for empowering families and promoting neighborhood stability.
Applications opened on October 29, for two distinct facets of the program: TRP heading the Purchase Price Assistance, and the Acquisition Support track being managed by CCLF, both of which were chosen through a Request for Proposals circulated by DOH last year. DOH Commissioner Lissette Castañeda, laying out the programming ethos, "An equity-based, community-led, and anti-displacement focused approach aligns with our department’s mission and doesn’t just create opportunities today, but it also ensures such opportunities are preserved for future homeowners," as stated by the City of Chicago.
The Purchase Price Assistance aims to facilitate homebuyers in chipping away at the costs associated with acquiring a housing cooperative unit, community land trust property, or a deed-restricted unit, by essentially offering up to $60,000 in grants, which can be applied toward a variety of expenses, eligibility for which extends to homebuyers earning up to 120% of the Area Median Income (AMI). The Acquisition Support, on the other hand, will furnish co-ops and CLTs with funds necessary to swell the number of permanently affordable units within Chicago, demanding that at least 51% of such units be priced for households earning 80% or less of AMI.
For those interested in further information or to initiate an application, directions, and details can be found on the official website of the program at Chicago.gov/SEIP.
