New Homes for Chicago
View all developments eligible for this incentive.
The primary objective of New Homes for Chicago is to expand housing affordability in support of healthy communities, especially those traditionally bypassed for new development.
Using financial incentives to reduce development costs, the City encourages developers to construct high quality homes for purchase by moderate-income working individuals and families.
Prices are capped at $195,000 for single-family homes/condos and $265,000 for two-flat buildings. Buyers of affordable units can have a household income of no more than $72,360 for a two-person household.*
Additional assistance available to qualified homebuyers:
- $10,000 purchase-price subsidy for single-family homes or $30,000 for 2-Flat buildings. For single-family homes, the homebuyer's household income can be no more than $60,300 for a two-person household.* For 2-Flats, homebuyer's income can be no more than $72,360 for a two-person household.* This subsidy is in the form of a deferred loan at 0% interest that is forgiven over four years. (Subsidies for Chicago Community Land Trust homes do not need to be repaid. For more information, see the Department of Housing’s webpage, www.cityofchicago.org/housing.)
- An additional purchase price subsidy of up to $30,000 is available for buyers of single-family homes if the homebuyer's income is no more than $48,250 for a two-person household.* This subsidy is in the form of a deferred loan that is subject to repayment at up to 3% simple interest if the home is sold during the first 40 years after the purchase date. (Subsidies for Chicago Community Land Trust homes are not subject to the interest charge. For more information, see the Department of Housing’s webpage, www.cityofchicago.org/housing.)
*Income limits vary by household size. See the Department of Housing’s website at www.cityofchicago.org/housing for more information.
Subsidies are available to buyers who demonstrate a gap between the amount of the first mortgage they can secure and the affordable sales price. Eligible recipients need to maximize their purchasing power through a first mortgage before receiving assistance.
Homes eligible for this incentives are marked "New Homes for Chicago" on the development page. To find out if you are eligible to purchase an affordable home through New Homes for Chicago, contact the property's sales representative for information.