Buyers can still receive grants for down payment and closing cost assistance at Lake Park Crescent in North Kenwood-Oakland, making select one-bedroom condos available for no more than $1,000 in down payment costs.
The Illinois Housing Development Authority is offering $6,000 down payment grants at Lake Park Crescent and other new mixed-income developments through its Home Start program. Additionally, developer Draper and Kramer is giving buyers at Lake Park Crescent $4,000 toward closing costs.
Draper and Kramer recently reduced the prices of one-bedrooms by $50,000, from the high $210s to the high $160s. At that price, a buyer who qualifies for an FHA-backed mortgage requiring a 3.5 percent down payment will have to pay just $1,000 out of pocket after receiving her grant money. Monthly mortgage payments are estimated at $1,147.
The Partnership for New Communities still has $10,000 grants available for buyers who will occupy their Lake Park Crescent homes for three years. The development also offers other Partnership and Find Your Place in Chicago incentives, such as employer-assisted housing programs and TaxSmart federal income tax credits equal to 20 percent of the interest paid on a mortgage,
Buyers who sign contracts prior to April 30 can also qualify for federal tax credits — $8,000 for first-time buyers or $6,500 for repeat buyers.
Lake Park Crescent’s “City Home” condos feature open floor plans, kitchens with granite countertops and stainless-steel appliances, designer cabinetry, hardwood floors in main living areas, carpeting in bedrooms, master baths with marble counters and flooring, washer / dryer hookups, single-car garages, tandem outdoor parking spaces, and outdoor decks or patios.