The Public Safety Officer Homebuyer Assistance Program for loft and condo purchasers provides funds to three groups of first responders, namely Chicago police officers, firefighters, and paramedics to purchase properties in targeted Chicago neighborhoods to enhance revitalization efforts. This program builds off the success of the previous Public Safety Officer Program, with a renewed focus on encouraging first responders to live in the communities they serve thereby promoting neighborhood improvement through increased condo and loft sales.
Eligible participants must be City of Chicago non-probationary, full time, sworn first responders, in good-standing.
Total gross household income cannot exceed 150% area median income or AMI (See chart below).
Eligible first responders will be awarded a $30,000, 10-year, no interest, forgivable loan to purchase a loft or condo as their primary residence in the City of Chicago. One forgivable loan is available per household and may be used for any customary closing costs for the purchase, including down-payment and mortgage loan principal reduction. Applications will be approved on a first come first serve basis until loan funds are exhausted.
The first responder must occupy the loft or condo as a primary residence for 10 years. A primary residence is a home occupied primarily for residential purposes and does not include a home used as an investment property, as a recreational home or a home in which 15 percent or more of its total area is used for a trade or business.
2017 INCOME LIMITS
Effective April 14,2017 until superseded
|Household Size||Maximum Household Income|