A new grant announced by Mayor Brandon Johnson and the Chicago Department of Housing provides eligible home buyers up to $70,000 in financial assistance! The Homegrown Purchase Assistance Grant is designed to help low and moderate income buyers cover down payment and closing costs. Applications for The Homegrown Purchase Assistance Grant will officially open June 8, 2026. The program will remain available until the $21 million in funds allocated to it run out.
Here are the basic rules of The Homegrown Purchase Assistance Grant:
- Homes must be part of existing housing located in the City of Chicago. (No grants for homes not yet built.)
- Homes must be one-unit or two-unit dwellings.
- Homes must be owner-occupied as a primary residence for at least 5 years.
- Grant applicants must complete a U.S. Department of Housing and Urban Development-certified homebuyer education course.
- Applicants household annual gross income cannot exceed 150% of the area median income. For example, a family of four making 150% of the AMI would have an annual income of $182,250. A single person household could qualify with an income up to $127,650 a year.
Funds for The Homegrown Purchase Assistance Grant are divided into 2 main zones:
- Zone A. Homes in this zone have experienced fast-rising prices. Depending on income, buyers purchasing homes in Zone A are eligible for up to $70,000 in grant funding.
- Zone B. Homes in this zone are in low-income census tract areas. Depending on income, buyers purchasing homes in Zone B are eligible for up to $50,000 in grant funding.
The fine print in The Homegrown Purchase Assistance Grant:
- Eligible buyers must meet income and mortgage requirements for the home purchase.
- Buyers must contribute at least 1% of the original purchase price from their own personal funds.
- Grant funds may not exceed 25% of the property purchase price.
As stated above, grant-seeking home buyers still need to meet all other mortgage criteria, such as income, credit score, debt-to-income ratios and so on. If you haven’t talked to a Chicago area lender about mortgage pre-approval, start there! We can refer you to trusted lenders in Chicago and the suburbs!
Starting June 8, 2026, you can apply for The 202 Homegrown Purchase Assistance Grant at the Neighborhood Housing Services of Chicago.
For more information, see The City of Chicago press release.
StartingPoint Realty – serving Chicago and the suburbs since 2004!
StartingPoint Realty proudly serves home buyers and sellers throughout the entire Chicago area. We offer free, first-time home buyer seminars every month! We offer free home value consultations too! Contact us for your free home buying or home selling consultation!
Ryan Gable Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@startingpointrealty.com
https://startingpointrealty.com/
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