West Cook News

The Cook County Board of Commissioners has given the green light to two pilot programs aimed at bolstering affordable, quality housing. The Bureau of Economic Development will roll out a $3 million down payment assistance initiative and a $12 million program for the construction of single-family modular homes in needy communities. These projects will be funded by money received through the American Rescue Plan Act.

Cook County Board President Toni Preckwinkle stated, “These two programs will help provide quality, single family homes to Cook County residents who need help the most. This new down payment assistance pilot will help home buyers navigate a grueling housing market, and our modular homes will inject an array of new housing in communities that have been historically disinvested.”

The down payment assistance program is set to launch in early June. It offers subsidies of $20,000 or 5 percent of the home purchase price, whichever is less. Eligibility is determined by income or location of the property. Buyers looking to purchase in a Disproportionately Impacted Area are automatically eligible. Elsewhere, those earning up to 120 percent of the county’s median income qualify.

Properties eligible for this program include single-family homes, condominiums and townhouses which must serve as the applicant’s primary residence. Both first-time and repeat buyers throughout Cook County who meet these criteria may apply.

Stifel, Inc. and Club 720 are partnering with the County on this initiative. Club 720 CEO Heather Presley-Cowan said, "Club 720 has been serving buyers in the area for years, witnessing firsthand the demand for programs like this. The $3 million infusion will enable us to serve even more buyers, making homeownership a viable option as rents continue to rise. We commend Cook County's leadership for their forward-thinking decision.”

The Bureau of Economic Development has also teamed up with the Cook County Land Bank Authority on a $12 million modular homes pilot program. This will facilitate the construction of up to 120 homes across three under-invested communities with limited new home construction: Humboldt Park in Chicago, and the suburbs of Maywood and Chicago Heights.

Each modular home will average 1,450 square feet, with three bedrooms and two bathrooms. The sale price will depend on construction costs and subsidy amounts. As with the down payment assistance program, eligibility is determined by income or location of the property. The program is set to commence later this year.

Modular homes offer several benefits such as shorter construction times, reduced waste during construction, and re-use of existing infrastructure. They are built in a factory-controlled environment in North Lawndale on Chicago's west side and can transform a vacant lot into an owned home in four weeks.

Inherent L3C, Chicago Neighborhood Initiatives, Ashlaur Construction and Bethel Family Resource Center are partnering with the County on this initiative. Inherent L3C founder Tim Swanson stated, “We believe in the transformational power of homeownership, and the role that ownership plays in generational wealth creation. An Inherent home is a commitment to our fellow citizen, bringing the best of what we have to offer to the most people possible.”

For more information on both programs, visit the Cook County Bureau of Economic Development website.