Chicago Partnership for Affordable Neighborhoods (CPAN)
CPAN is a partnership between the City of Chicago and developers to ensure opportunities for affordable condominiums in market rate developments, particularly in appreciating neighborhoods. Eligible buyers can also receive purchase-price assistance of up to $30,000.Eligible homebuyers are first-time buyers (have not owned a home within the last three years). Income limits vary by household size. See the Department of Housing’s website at www.cityofchicago.org/housing for more information.
To be eligible to purchase an affordable home through CPAN, follow these steps:
- Your first step is to receive pre-purchase counseling. Pre-purchase counseling will provide information on the obligations and responsibilities associated with owning a home, help you develop strategies to establish good credit if necessary and refer you to lending institutions and mortgage products.
- Note: You must receive certificates of completion for both general homebuyer counseling and condo ownership counseling. Click here for a list of counseling agencies.
- Meet with a mortgage lender to obtain a mortgage loan approval; Eligible recipients will need to maximize their purchasing power through a first mortgage loan before receiving Purchase Price Assistance.
- Call the Chicago Department of Housing at 312-742-0329 to schedule an appointment to determine eligibility for the CPAN program.
