$10,500 Project Reinvest. This is a $10,500 loan with a 0% rate and no monthly payment that gets repaid upon the sale or refinance of the home. Funds can be used towards down payment and closing costs. Household Income must be at or below 100% of Area Median Income. Click here to download the flyer for more information.
$6,000 Down Payment Plus® Grant. This is a matching grant of up to $6,000 that can be used towards down payment and closing costs. Household Income must be at or below 80% of Area Median Income. Click here for more information.
Employer-Assisted Housing Programs The Employer-Assisted Housing Program assists full-time benefits-eligible University of Chicago and University of Chicago Medicine employees with their home purchase in the neighboring communities of Douglas, Grand Boulevard, Greater Grand Crossing, Hyde Park, Kenwood, Oakland, South Shore, Washington Park, and Woodlawn. The program provides up to $10,000 in down payment assistance.
Second Mortgage programs The University of Chicago has 2nd mortgage programs available to help University faculty and staff purchase a property in Hyde Park/Kenwood, Woodlawn, and Jackson Park/Highland Communities. This can help you avoid Private Mortgage Insurance (PMI). This program is only available to University of Chicago employees. Please download the flyer for more information.
Getting a Mortgage and Buying a Home: The Consumer Financial Protection Bureau (CFPB), a US Government agency, has many helpful resources for consumers looking to buy a home and take out a mortgage. Take a look at Tools and Resources for Home Buyers .