West Cook News

The Cook County Board of Commissioners has approved an $8.6 million allocation for the second phase of the Cook County Down Payment Assistance Program. This initiative aims to support residents in purchasing homes and will be available to lenders on June 24, 2025. Additional lenders are encouraged to participate.

Cook County Board President Toni Preckwinkle emphasized the importance of homeownership, stating, "Part of the American Dream is homeownership, and this program has helped that dream become reality for hundreds of Cook County households." She expressed gratitude towards the board for supporting a second round of funding and reiterated her administration's commitment to making Cook County a viable place to live.

The program follows a $3 million pilot launched in 2024 that facilitated over 200 home purchases across the county. The Cook County Bureau of Economic Development collaborates with Stifel, Inc., and Club 720 Solutions LLC to provide down payment assistance programs, coaching, and educational resources.

The assistance offers subsidies up to 5 percent of a home's sale price or $25,000. These funds can be used for down payments, closing costs, or interest-rate reductions on homes within Cook County. Eligible households must have an annual income at or below 120 percent of the Area Median Income (AMI), which is $143,880 for a family of four. No income limit applies for those buying in Disproportionately Impacted Areas or Qualified Census Tracts.

Applicants need a minimum credit score of 620 and must complete a HUD-approved housing counseling course if they are first-time homebuyers—defined as individuals who haven't owned a home in three years.

Homes eligible under this program include single-family homes, townhomes, or condominiums. Club 720 will offer biweekly virtual workshops about eligibility and application processes in English and Spanish.

During its pilot phase, participants received around $15,000 each on average; notably, 80 percent were first-time buyers accessing homes priced between $200,000 and $400,000.

Resident Mike Rodriguez utilized the pilot program to purchase a Crestwood home for his family. He remarked on its significance: “This program was important to me because it assisted me with a down payment and saves me dollars that will go right back into needed home repairs.”

Mary Cha also benefited from the program when purchasing her Chicago condominium as a single borrower: “I’m so grateful that this program was available,” she said.

The initiative is part of broader efforts by Cook County to enhance affordable housing access and promote equity in regional homeownership. The latest funding aims to assist over 500 prospective homeowners through collaboration with partners like Club 720.

Club 720 CEO Heather Presley-Cowen stated their dedication: “We’re proud to partner with Cook County Government to ensure this program is not just available but understandable and accessible.”

For further details about participation as either buyers or lenders visit club720.org/cookcounty-dpa/.