Colorado DPA Programs
Explore down payment and homebuyer assistance programs in the state of Colorado.
April 4, 2023
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Illinois
Illinois Down Payment Assistance (DPA) Programs
Located in the midwestern United States, Illinois is the 21st state in the Union. Nicknamed The Prairie State, about 75% of the total land area is farmland. The state’s capital is Springfield and the largest city is Chicago. With a population of nearly 12.6 million people, Illinois boasts a homeownership rate of 66.7% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Illinois. Also, combining programs may be possible, so be sure to inquire.
In this article
Illinois Housing Development Authority
Illinois Office of the Treasurer
Cook County Land Bank Authority
Community Partners for Affordable Housing
Northside Community Development Corporation
City of Peoria Community Development
Development Association of Rock Island
Carbondale Community Development
City of Collinsville Community Development
City of Kankakee Community Development Agency
City of Moline Community & Economic Development
City of Rockford Community & Economic Development
Madison County Community Development
Village of Romeoville Homebuyer Assistance
Will County Center for Community Concerns
City of Aurora Community Development
Housing Authority of Champaign County
City of Urbana Grants Management Division
Illinois Housing Development Authority (IHDA)
IHDAccess Forgivable Mortgage
“IHDAccess Forgivable is a mortgage down payment assistance program. The assistance does not need to be repaid (unless you sell or refinance before 10 years of ownership). You will receive $6,000 in assistance, which can be used to pay your down payment, closing costs, or both!”
IHDAccess Deferred Mortgage
“IHDAccess Deferred is a mortgage down payment assistance program. The assistance does not need to be repaid until the home is sold, refinanced, or 30 years have elapsed from the sale. You will receive 5% of the purchase price up to $7,500 in assistance, which can be used to pay your down payment, closing costs, or both!”
IHDAccess Repayable Mortgage
“IHDAccess Repayable is a mortgage down payment assistance program. The assistance is repaid monthly over the course of 10yrs. There is 0% interest, and you will receive a separate statement from U.S. Bank for both your 1st mortgage and the 2nd mortgage. You will receive 10% of the purchase price up to $10,000 in assistance, which can be used to pay your down payment, closing costs, or both!”
IHDA Mortgage SmartBuy
“IHDA Mortgage SmartBuy will provide a safe, affordable 30-year fixed rate first mortgage with a deferred $5,000 for down payment and/or closing cost assistance. In addition, the program will provide 15% of the purchase price (up to $40,000) in assistance for student loan debt relief to borrowers looking to buy a home and help build generational wealth.”
IHDA Mortgage Opening Doors, or Abriendo Puertas
“IHDA Mortgage Opening Doors, or Abriendo Puertas, is designed to increase home purchase accessibility for low- and moderate-income qualified homebuyers across Illinois. This includes Deferred Action for Childhood Arrivals (DACA) recipients, who pay hundreds of millions in federal, state and local taxes, yet struggle to find mortgage lenders and programs that will work with them. IHDA will provide a 30-year 1st mortgage with a fixed interest rate and $6,000 in down payment and/or closing cost assistance. The down payment assistance is forgiven after five years.”
Illinois Office of the Treasurer
Finally Home Program
“Finally Home is a program that helps Illinois residents purchase or refinance a home, as well as helps prevent their existing home from going into foreclosure. This program is suitable for residents who have difficulty qualifying for conventional, sustainable mortgages because of factors such as bruised credit or a high debt-to-income ratio.”
Chicago Department of Housing (DOH)
Affordable Homeownership Opportunities
“The Department of Housing (DOH) creates homeownership opportunities through various programs that help moderate-income residents purchase a home in Chicago at an affordable price. The price the buyer pays for the home is below the market value of the property.”
Building Neighborhoods and Affordable Homes Program
“The Building Neighborhoods and Affordable Homes Program (BNAH) encourages homebuyers to move into five targeted neighborhood areas: Englewood Square, North Lawndale, South Lawndale, Humboldt Park/Garfield Park and Woodlawn. The program provides up to $60,000 in purchase assistance to buyers of single-family homes constructed under the City Lots for Working Families program.”
Chicago Housing Trust
“The Chicago Housing Trust provides working individuals and families with opportunities to purchase homes of their own at prices they can afford. Units will be sold at a subsidized purchase price and have a renewable 30-year restrictive covenant with a affordable resale restrictions to ensure the long-term affordability of the unit.”
City Lots for Working Families
“Homes must be made available to qualified buyers with incomes up to 140 percent of area median income. Buyers must use the homes as their primary residences for a minimum five-year occupancy period.”
Community Connections Home Buyer Assistance Program
“The Community Connections Home Buyer Assistance Program is a pilot program providing funds to three groups of first responders, namely Chicago police officers, firefighters, and paramedics and to eligible career service employees to purchase homes in targeted Chicago neighborhoods to enhance revitalization efforts.”
TaxSmart Mortgage Credit Certificate Program
“The MCC allows the homebuyer to claim a tax credit for a portion of the mortgage interest paid per year. The current rate of annual savings is 25 percent for a home purchase or 50 percent for home improvement or rehab loans. The annual savings is capped at $2,000.”
Cook County Government
Home Advantage Program
“Helping low and moderate-income individuals and families buy a home in Cook County (including the City of Chicago, all other incorporated cities and unincorporated areas of Cook County, Illinois). Up to 5% in down payment and closing cost assistance.”
Cook County Land Bank Authority
Homebuyer Direct Program
“The focus of this program lies in reaching out to prospective homeowners who may be interested in directly purchasing, rehabbing, and ultimately living in the home of their dreams! With this in mind, the CCLBA is looking to offer properties throughout Cook County to prospective owner-occupants at below-market prices.”
Community Partners for Affordable Housing (CPAH)
Down Payment Assistance
“CPAH provides eligible Lake County homebuyers with up to 5% of the purchase price to help with down payment and closing costs.”
Community Land Trust (CLT) Program
“CPAH’s CLT program builds or acquires and rehabilitates homes and then sells the homes to qualified low- and moderate-income households at affordable prices. The nonprofit organization retains ownership of the underlying land, which is leased to the homebuyer through a 99-year, renewable ground lease.”
Inclusionary Housing Programs
“he cities of Highland Park, Lake Forest and Evanston adopted inclusionary housing ordinances that require developers to set aside a percentage of newly constructed units as affordable housing. CPAH assists in administering these programs through helping with marketing, determining homebuyer eligibility, managing waitlists, homebuyer education, facilitating sales and resales, post-purchase support and consultation services.”
Neighborhood Lending Services (NLS)
Down Payment Assistance
“When you receive a home loan from Neighborhood Lending Services, you may also qualify for up to $30,000 in down payment assistance. Funding is available for households earning up to 120% of the area median income.”
TIF Purchase Rehab
“The Tax Increment Finance Purchase Rehab (TIFPR) program is a City of Chicago initiative which uses Tax Increment Finance (TIF) funding as a forgivable loan to purchase and rehab vacant 1-4-unit residential properties within active TIF districts that have allocated money to be used for this purpose. The TIFPR is intended for long-term homeowner occupants. It is NOT to be used to fund investment, commercial or mixed-use properties.”
Micro-Market Recovery Program (MMRP)
“he MMRP Purchase Assistance Grants now provide $30,000 in down-payment assistance for the purchase of a home in one of the City of Chicago’s expanded MMRP Areas. The current MMRP community areas include: Auburn Gresham; Austin; Chatham; Greater Grand Crossing; Chicago Lawn; West Garfield Park; Englewood; West Englewood (new); Hermosa; West Humboldt Park; Humboldt Park; New City; West Pullman; Roseland (new); South Shore; Woodlawn (new); Fuller Park (new); North Lawndale (new); South Lawndale (new).”
Northside Community Development Corporation
HERO Fund Employer Assisted Housing Program
“The HERO Fund offers select Hamra employees $3000 to towards their home purchase. The home must be in Northeastern Illinois.”
Labelmaster Employer Assisted Housing Program
“Labelmaster offers full-time employees $2,500 to towards their home purchase. The home must be within 15 miles of Labelmaster’s North Park office.”
Loyola University Assisted Housing Program
“Loyola University Chicago offers full-time employees between $5,000 and $10,000 depending on household income and location of the home. Homes in Community Areas between the Water Tower campus and Lake Shore campus are eligible for assistance.”
City of Peoria Community Development
Down Payment Assistance Program
“The Down Payment Assistance Program is a grant program that offers down payment assistance to homebuyers of up to $5,000 towards a single-family home within a qualified census tract (QCT). Any one who uses this funding to purchase a home must own and live in the home for at least two years after closing.”
Development Association of Rock Island (DARI)
Live-Work Rock Island Program
“The Live-Work Rock Island Program is for individuals or families wishing to buy a home anywhere within the city limits of Rock Island. Economic GROWTH Corporation’s program provides up to 5% of the home’s purchase price for down payment assistance and up to $1,500 towards closing costs.”
H.O.M.E. Program
“The Rock Island H.O.M.E. (Home Ownership Made Easy) Program offers an exciting opportunity for anyone looking to build a new home on existing neighborhood infill sites owned by the City of Rock Island.
- Lots available for $5
- Real estate closing costs paid by City (owner-occupied properties only)
- Building permit applications shall be applied with the permit fees being waived (owner-occupied properties only)
- No income restrictions and the Program is not restricted to first time homebuyers
- Participants qualify for the Rock Island New Construction Property Tax Incentive Program (owner-occupied only)”
New Construction Tax Program
“The New Housing Construction Property Tax Rebate Program is a financial incentive from the City of Rock Island to buyers of newly constructed single-family homes or condominiums. This is a reimbursement program with funds paid to the homeowner after the annual property taxes are paid in full.”
Downpayment Plus Program
“Through the Downpayment Plus Program, Rock Island homebuyers may be eligible for up to $6,000 in downpayment and closing costs towards the purchase of their home. The assistance is provided in the form of a forgivable grant.”
SmartBuy Program
“Rock Island homebuyers may qualify for the SmartBuy Program which provides up to $5,000 towards downpayment and closing costs, and up to $40,000 in assistance for student loan debt relief.”
Carbondale Community Development
Down Payment Assistance Program
“The Down Payment Assistance Program offers funding to prospective homebuyers who are purchasing their first home within the City limits. The City will provide up to $3,000 towards the down payment of the home.”
Single-Family Housing Conversion Program
“A $5,000 grant will be given to approved home buyers of a single-family house that has been registered with the City of Carbondale’s Mandatory Rental Housing Inspection Program in excess of two years at the time of purchase.”
City of Collinsville Community Development
First Time Home Buyer’s Program
“The City of Collinsville First Time Home Buyers Program provides income-based down payment assistance of up to $5,000 for first time home buyers purchasing a home within the City limits of Collinsville.”
Single Family Home Conversion Program
“The City of Collinsville Single Family Home Conversion Program provides income-based down payment assistance of up to $5,000 for any party seeking to convert a non-owner occupied single-family dwelling to an owner-occupied single-family dwelling.”
City of Kankakee Community Development Agency
Homebuyer Incentive Program
“The Kankakee Homebuyer Incentive Program offers qualified buyers a grant of $2,500 to be used towards the purchase of their home.”
City of Moline Community & Economic Development
Homebuyer Down Payment/Closing Cost Assistance Program
“CDBG funds can help support this dream by providing funds to income eligible households to purchase an existing or newly constructed home in the City of Moline. The CDBG Down Payment/Closing Cost Assistance Program was created to provide forgivable loans to low-moderate-income homebuyers to acquire a home in the City of Moline.”
City of Rockford Community & Economic Development
Homebuyer Assistance Program
The city of Rockford will provide up to $14,999 to help pay down payment and/or closing costs.
Madison County Community Development
HOMEbuyer Program
“The HOMEbuyer Program assists with one of the largest obstructions to home ownership — the down payment and closing costs — by providing funds for down payment and closing costs to eligible individuals. Depending on the individual’s or household’s income, financial assistance up to $5,000 may be available.”
Village of Romeoville Homebuyer Assistance
Assist Homeownership Program
“Assist is a program that offers individuals and families with a FHA/VA/RD (640 minimum credit score) or 30-year, fixed-rate mortgage (660 minimum credit score) and offers a 3% to 7% cash grant on the amount borrowed on a mortgage to qualified home buyers. The cash assistance may be used to offset some or all of the home loan’s down payment and closing costs.”
Mortgage Credit Certificate (“MCC”) Program
“MCC’s allow the homebuyer to qualify for a federal income tax credit equal to a percentage of the interest paid on their home loan each year. MCC holders still qualify for a regular deduction of the remaining interest paid on their home loan.”
Will County Center for Community Concerns
Down Payment Assistance Program
“Will County HOME Consortium and Will County Center for Community Concerns announce the Commitment of up to $25,000 Down Payment Assistance Program.”
City of Aurora Community Development
Choose Aurora Homebuyer Assistance Forgivable Loan Program
“Funded by the City of Aurora’s Community Development Block Grant, this program offers up to up to $5,000 in homebuyer assistance.”
Housing Authority of Champaign County (HACC)
County-Wide Homeownership
“HACC will provide a second mortgage to eligible households to purchase homes anywhere in Champaign County. The second mortgage is available to cover closing costs, down payment assistance, or to write down the price of the home. The second mortgage is limited to $40,000 per household.”
Habitat Homeownership
“HACC provides a second mortgage at the time of construction completion and closing of permanent financing for the difference between the appraised value of the home and the maximum mortgage that can be supported by the purchaser. However, HACC’s maximum second mortgage is limited to $40,000 per home. The second mortgage is forgivable at the rate of 5% per year over a 20-year period.”
City of Urbana Grants Management Division
Down Payment Assistance Program
“The City of Urbana Grants Management Division offers a down payment assistance program for income qualified households who are looking to purchase a home within the Urbana city limits.”
ReNew Communities
Matthew Home Families
“Homes are available for purchase by those who have a need for affordable housing, satisfy certain income limits, have an ability to pay a mortgage (employed), are a legal resident and are willing to partner in volunteering 150 service hours under the Matthew Home program.”
Federal Home Loan Bank (FHLBank) Chicago
States/Territories served: Illinois, Wisconsin
Downpayment Plus (DPP®)
“Downpayment Plus is a program that provides down payment and closing cost assistance for income-eligible homebuyers. The assistance is provided in the form of a forgivable grant paid on behalf of the borrower at the time the borrower closes on mortgage financing with a participating FHLBank Chicago member financial institution. Grants are forgiven on a monthly basis over a five-year retention period.”
Downpayment Plus Advantage
“Downpayment Plus Advantage is a similar program but assists income-eligible homebuyers participating in homeownership programs offered by nonprofit organizations that provide mortgage financing directly to the homebuyer. Nonprofit organizations providing direct first-mortgage financing, such as Habitat for Humanity or Neighborhood Housing Services, must partner with an FHLBank Chicago member financial institution to access DPP Advantage funds. Grants are forgiven on a monthly basis over a five-year retention period.”
USDA Rural Development
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat for Humanity
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
Continuing with our blog series, the next article will focus on down payment assistance programs in Indiana.
In this article:
Illinois Housing Development Authority
Illinois Office of the Treasurer
Cook County Land Bank Authority
Community Partners for Affordable Housing
Northside Community Development Corporation
City of Peoria Community Development
Development Association of Rock Island
Carbondale Community Development
City of Collinsville Community Development
City of Kankakee Community Development Agency
City of Moline Community & Economic Development
City of Rockford Community & Economic Development
Madison County Community Development
Village of Romeoville Homebuyer Assistance
Will County Center for Community Concerns
City of Aurora Community Development
Housing Authority of Champaign County
City of Urbana Grants Management Division
Helpful Links:
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