CHICAGO — Cook County is stepping up its efforts to make homeownership more accessible by adding $8.6 million in funding to its Down Payment Assistance Program, county officials announced this week.
The expansion, approved by the Cook County Board of Commissioners, marks the beginning of Phase 2 of the initiative, following a successful pilot round that helped over 200 households purchase homes across the region.
Phase 2 Begins June 24: More Residents Can Apply
Starting June 24, participating lenders will be able to access the new round of funding to help eligible buyers with:
- Down payments
- Closing costs
- Interest-rate buydowns
The assistance will be available across Cook County, including suburbs and city neighborhoods where housing affordability remains a challenge.
Up to $25K in Forgivable Aid for Homebuyers
Eligible buyers can receive as much as $25,000 or 5% of the home’s purchase price, whichever is lower. The financial support comes in the form of a forgivable second loan — meaning it doesn’t need to be repaid as long as the recipient lives in the home for at least five years.
The program also allows funds to be used for interest rate reduction, a benefit especially valuable in today’s rising mortgage climate…