DOWNTOWN — Home buyers can get up to $60,000 toward a house from the city if they pick certain homes on the West and South sides.
The new, single-family homes will be available in Englewood, Lawndale, Little Village, Humboldt Park, Garfield Park and Woodlawn. People who plan to live in the homes longterm and meet certain requirements will be able to receive $40,000-$60,000 in assistance for buying the house, according to a Mayor’s Office news release.
The offer was created to help residents buy a new home while “supporting and sharing in the neighborhood’s growth and development,” according to the Mayor’s Office.
The houses are part of the City Lots for Working Families program: The city sold vacant lots to developers for $1, and the developers were required to build affordable, single-family homes on the lots. Those homes are now going up for sale.
The city is hoping the program will create quality homes in neighborhoods that haven’t seen their housing markets recover since the “Great Recession.”
“This pilot program is a win-win. It will double down on the investments we are making in Chicago’s neighborhoods while turning vacant lots into new and affordable homes,” said Mayor Rahm Emanuel in a news release.
The assistance will be given in the form of a forgivable, 10-year grant. Funding for the $5 million program comes through the Affordable Housing Opportunities Fund, which developers pay fees into, according to the Mayor’s Office.