The Chicago Partnership for Affordable Neighborhoods (CPAN) is a partnership between the City of Chicago and developers to provide affordable residential units in market rate developments, particularly in appreciating neighborhoods.
Affordable units are provided through two methods: developer write-down and purchase-price assistance to homebuyers.
Eligible homebuyers are first-time buyers (or have not owned a home within the last three years) with incomes up to 100% of the area's median income levels. Purchase price assistance may be available for households with incomes up to 80 percent of Area Median Income (AMI) that demonstrates a gap between the amount of the first mortgage and the affordable sales price.
Program participants must receive pre-purchase counseling. Pre-purchase counseling will provide information on the obligations and responsibilities associated with owning a home, strategies to establish good credit if necessary, and information on lending institutions and mortgage products.
Eligible buyers may also qualify for TaxSmart Mortgage Credit Certificate (MCC)
For more information and to schedule an appointment to determine eligibility, contact:
Chicago Department of Housing Economic Development
Chicago Community Land Trust
Most CPAN units are included in the Chicago Community Land Trust (CCLT), an initiative to preserve their long-term affordability. These units will have 99-year restrictive covenants that set a maximum resale price. The maximum resale price will be the original purchase price plus a percentage of the market appreciation, and in most cases will be a below market price. Homes must be sold to the CCLT or to an income-qualified buyer. Units that are included in the CCLT are eligible for a property tax reduction, based on the restricted resale price.