More Cook County residents may soon be receiving keys to their new homes, as the County Board of Commissioners gave the green light for an additional $8.6 million toward the Down Payment Assistance Program, according to an announcement on the county's website. The decision was made public on June 12 and marked the entry into the program's second phase, which follows a successful $3 million pilot that enabled over 200 households to purchase properties across the county.
Starting from June 24, lenders who are partnering with the initiative can tap into these funds to aid prospective homeowners with costs such as down payments and closing expenses. Cook County Board President Toni Preckwinkle spoke highly of the program’s impact in a statement made by the Cook County Government, saying, “Part of the American Dream is homeownership, and this program has helped that dream become reality for hundreds of Cook County households.” She added her administration's commitment to ensuring the region remains a desirable place to live and raise a family.
Under the program, eligible homebuyers can receive subsidies worth up to $25,000 or 5 percent of the home's sale price. It’s designed to help cover not just down payments but also closing costs and even interest-rate buydowns. Many Cook County residents could benefit from this initiative, especially with median home prices often stretching budgets to the limit. As an added feature, the assistance is structured as a forgivable second loan, provided the recipient occupies the home for at least five years, as per the Cook County Government.
Qualifications for the program mirror those of its pilot phase. A family of four earning up to $143,880, or 120 percent of the Area Median Income (AMI), can apply. In specific regions designated as Disproportionately Impacted Areas or Qualified Census Tracts, there are no income caps in place. Applicants must also hold a credit score of at least 620. Before closing, first-time homebuyers are required to complete a course through a housing counseling agency approved by the U.S. Department of Housing and Urban Development.
"For more information, whether you're a homebuyer or interested lender, visit club720.org/cookcounty-dpa/," the Cook County’s page stated.
