Neighborhood Lending Program Home Purchase and Purchase/Rehab

Through the Neighborhood Lending Program, the City of Chicago and Neighborhood Housing Services (NHS), provide first and second mortgage loans for the purchase or purchase+rehab of 1- to 4-unit buildings for homeowners who might otherwise not be able to purchase a home. Special subsidies are also available to income-eligible households to support these loans. Clients receive one-on-one counseling and classroom instruction in budgeting, financial planning and credit repair.

Benefits
Qualifying applicants seeking to purchase or purchase+rehab a home may receive deferred, forgivable loans for:

  • Downpayment assistance
  • Closing cost assistance
  • Affordability assistance (debt-to-income ratio)
  • Lead-based paint abatement

Eligibility Requirements
Program eligibility will be determined by NHS based on gross annual household income. To qualify for a forgivable loan, households must be under 80% of area median income - approximately $59,600 for a family of four.

Application Process
Contact NHS at (773) 329-4010 for information and application materials.

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