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Applicants must have a permanent developmental disability or
permanent mobility impairment, substantiated by a current
doctor’s statement, be
a first-time homebuyer, have a household income between
30%-80% of the Average Medium Income for Chicago, have
$1,000 of their own funds, be able to pay for an independent
home inspection, be able to obtain a 1st mortgage
and purchase property within the city limits of Chicago,
Illinois.
Home Options is a homeownership assistance and housing resource
program provided to Chicagoans with permanent developmental
or mobility disabilities. CSO, Inc. partners with Illinois
Housing Development Authority (IHDA), The Federal Home Loan
Bank (FHLB) as well as other housing financing institutions,
to assist first-time homebuyers to find or create accessible
and affordable permanent housing.
Depending on availability of funds, Home Options has approximately
$38,000 available in Second mortgages and forgivable grants
which can be used for closing costs and down payment
assistance. Home Options’ funding can be combined with
City of Chicago programs and with CHAC, the Section 8
Voucher “Choose to Own” program to further reduce the
purchase price of a home or to make accessibility
modifications on the property. Typically, the grants are
“forgive-able” after 5 years of residence and loans are
available at below-market interest rates.
Home Options’ staff provides technical assistance and intensive
case management services, as they “shepherd” the applicant’s
process of home acquisition, from start to finish. They help
applicants to pre-qualify credit with financial
institutions, to obtain credit and homeownership counseling,
to find pro-bono or discounted legal, accounting, appraisal,
inspection and rehabilitation services, to apply for grants
and loans, and to set up household maintenance/management.
But, most importantly, Home Options staff helps consumers to
understand the process of homeownership and they give
support all the way through.
Home Options continuously gathers information about housing
options, resources and services within the City of Chicago.
It has produced a Housing Resource Directory for Chicago
that gives residents a handy guide to all current housing
programs, utility and renovation subsidies and accessible
and affordable rental alternatives.
Ultimately, Home Options advocates for housing
alternatives for people with disabilities in Chicago.
Through its presentations and participations on housing task
forces and planning committees, Home Options gives voice to
patterns and trends regarding discrimination, affordability
and accessibility of housing for people with disabilities.
It strives to collaborate with public and private entities
to apply for building and operational funds that develop
much-needed housing resources in Chicago..
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