Downpayment and Other Financial Assistance Programs
The West Cook Homeownership Center can now provide financial assistance in the form of grants and forgivable loans through the Illinois Housing Development Authority's Trust Fund and the HOME Partnership.
Assistance via IHDA's Affordable Housing Trust Fund
If your income is below 50% of the Area Median Income* for your household size, you may qualify for up to $30,000 in a no-interest second mortgage to be repaid after 30 years and a $5,000 grant.
If your income is between 51% and 80% of the Area Median Income* for your household size, you may qualify for up to $20,000 in a no-interest second mortgage to be repaid after 30 years and a $3,000 grant.
Assistance via the HOME Investment Partnership
If your income is below 80% of the Area Median Income for a household of your size, you may qualify for up to $9,000 in a forgivable loan from the HOME partnership. These funds are restricted for use in the Village of Oak Park.
Assistance via Cook County's allocation for the Neighborhood Stabilization Program
Home seekers interested in purchasing houses as part of the Neighborhood Stabilization Program may qualify for further financial assistance of up to $25,000 in forgivable loans.
For more information, please contact Marz Timms, Homeownership Director at (708) 848-7150.
*Area Median Incomes for Cook County
Household Size 1 2 3 4 <50% AMI $26,300 $30,050 $33,800 $37,550 51% - 80% AMI $42,100 $48,100 $54,100 $60,100 Household Size 5 6 7 8 <50% AMI $40,600 $43,600 $46,600 $49,600 51% - 80% AMI $64,950 $69,750 $74,550 $79,350