Mayor Richard M. Daley and Chicago Housing Authority officials today recognized the 300th person to complete a home purchase through CHA’s “Choose to Own” program.
“Since I’ve been Mayor, we’ve worked hard to make Chicago’s neighborhoods places people want to live, work and raise a family. Especially in these difficult times, we must work hard to help more people in more neighborhoods of Chicago become and remain homeowners,” Daley said in a news conference held in the house at 2431 W. 45th St. which Teresita Diaz, who has been in CHA’s Housing’s Choice Voucher program for 10 years, purchased through ”Choose to Own.” The property closing is scheduled for March 17.
Daley said that keeping alive the American Dream of home ownership during this recession has been a difficult challenge everywhere, but that “Choose to Own” has done just that.
The program allows participants to set aside part of their federal housing voucher toward future home ownership.
And it uses community partnerships to provide a comprehensive support network that includes financial assistance, home buyer education, credit counseling and other services that help the families navigate the process and increase their chances of success as homeowners.
It has been a great success. In the previous 299 home purchases made by “Choose to Own,” no active CTO participants are in foreclosure.
“That’s pretty amazing in our current economic situation and it’s a real testament both to the program and to the CHA voucher holders who have taken part in it,” Daley said.
The Mayor said that since 1989, Chicago has invested $4 billion in local, state and federal funds to create, improve and maintain more than 170,000 units of affordable housing.
And it has initiated numerous other programs to assist homeowners, such as:
“Keeping all of our neighborhoods affordable is an ongoing challenge and a top priority for the City of Chicago. Above all, I want to thank Teresita Diaz and the others in this program who have shown their faith in our City by working hard to make their dream of homeownership come true, ” Daley said.
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