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 and an additional grant as well.

For more information, please contact Mirna Rodriguez, Homeownership Counselor at (708) 848-7150.

*2012 Area Median Incomes for Chicago Metropolitan Region