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Applicants must have a developmental disability
or mobility impairment, 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 the City
of Chicago’s Department on Housing, 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 $19,400 available in grants which can be used for closing costs and
for down payment assistance. Home Options’ funding can be combined with
other Department of Housing 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, a Housing Specialist and
Assistant, provides technical assistance and 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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