Local 1001 members are now eligible to participate in the City’s Home Buyer Assistance Program that we got passed at City Council earlier this year.
Here are links to the Application, the Census Tracts where the home must be located to qualify, and a Description of the Program. The City’s contact for the Program is Marcia Baxter. Her info is included in the attachments and she should be able to answer any questions you have.
We also received the following information, which will be useful for your mortgage lender:
Funds are very limited for the remainder of 2019. Applications will be first come first serve until funds are exhausted. Members can only submit an application if they’re pre-approved and have submitted a Sales/Purchase Contract on a property.
The Community Connections Home Buyer Assistance Program offers a fully forgivable,10 year, 0%, $30,000 loan to career service members of Local 1001 employed by the City of Chicago.
Any type of loan can be utilized with the program. Lenders are to utilize their standard underwriting procedures.
The $30,000 can be utilized for all customary closing costs, down payment assistance and principal reduction. The funds for closing are wired directly to the title company. Cash out is not allowed.
We require a 15 Business Day Closing Notice to request the wire for closing, no exceptions. The City’s Law Department will prepare the program closing documents.
The program Note, Scofflaw Affidavit and the Mortgage must be executed at closing. The Mortgage for $30,000 will be recorded at closing.
Applicants must meet the income guidelines. The total gross household income as well as all sources of income are utilized to determine eligibility. Applicants may purchase a 1 or 2 unit property in the specified census tracts in the program’s targeted communities.
Applicants must reside in the property as their primary residence for 10 years. Should they move or sell before the 10th year, they must pay back the balance of the $30,000 at 0% interest. The City will monitor the residency requirement.