CHICAGO (WBBM Newsradio) Cook County is expanding efforts to help more residents achieve homeownership with the launch of phase two of its Down Payment Assistance Program.
The initiative officially opened Wednesday, offering up to $25,000 to eligible buyers across the county after the Cook County Board of Commissioners approved $8.6 million for the program earlier this month.
“Part of the American Dream is homeownership, and this program has helped that dream become reality for hundreds of Cook County households,” said Cook County Board President Toni Preckwinkle. “We look forward to helping even more people as they look to purchase a home.”
Through the DPA program, qualified homebuyers can receive a subsidy worth 5% of the home’s purchase price, up to $25,000, to be used for down payments, closing costs or interest-rate relief. The financial assistance comes as a forgivable loan, provided the homeowner stays in the home for at least five years.
Eligible households can earn up to 120% of the Area Median Income. In designated Disproportionately Impacted Areas or Qualified Census Tracts, there is no income cap.
“To give an example, a four-person household can earn up to $144,000 roughly, and still be eligible,” Preckwinkle said.
The new round builds on a $3 million pilot launched in 2024, which helped nearly 200 homebuyers across all 17 County districts. Participants received an average of $15,000 in support, and 80% were first-time buyers.
“The median home price is now $300,000, putting homeownership out of reach for a lot of working families,” said Cook County Commissioner Tara Stamps. “And the Black homeownership rate in Cook County is still 25% lower than that of white residents. That gap has not moved significantly in over a decade.”
County officials say this new phase could assist more than 500 additional households.
The program is open to buyers of single-family homes, condos, or townhomes. First-time homebuyers, defined as anyone who hasn’t owned a home in the past three years, must complete a HUD-approved housing education course before closing.
More information, including eligibility and how to apply, is available at club720.org/cookcounty-dpa.