Public Safety Officer Homeownership Incentive Program
Chicago police officers, firefighters, and paramedics (referred to here as "public safety officers") who purchase homes in targeted areas of Chicago may be eligible to receive $3,000 in down payment and closing costs assistance. If the purchase is located in a CHA Redevelopment Property (defined as a residential development constructed as part of the CHA Plan for Transformation, as designated by the Chicago Housing Authority), $7,500 in assistance may be available.
The deferred loan is available per household and may be used for a down payment or closing costs, including title insurance; credit reports; recording fees; appraisals; points; transfer stamps; third-party property inspection fees; first year's payment of mortgage insurance; and other customary bank related closing charges. This loan will be fully forgiven if the officer resides in the home for at least five years.
Program Requirements
- The applicant must be a non-probationary police officer in good standing with the Chicago Police Department or a non-probationary firefighter or paramedic with the Chicago Fire Department;
- Assistance is only available for properties located within the City of Chicago;
- The applicant must be purchasing a single-family property (a building with 1 to 4 units) located within a census tract in Chicago where a minimum of 50% of the residents have incomes below 80% of the area median income, based on current census data or within a Plan for Transformation development;
- The public safety officer must be one of the borrowers on the first mortgage loan and must live in the acquired home as his or her primary residence for at least five years after acquisition;
- Contribute at least 1% of personal funds towards the down payment on the purchase price of the property.
