In the winter issue of New Homes, Metropolitan Planning Council vice president Robin Snyderman steps in for our friend Peter Skosey and discusses some of the local, state and federal incentives home buyers can now choose from. Despite the current economic climate, Snyderman says this is a good time to buy for people with good credit.
The City of Chicago and the Partnership for New Communities, for example, recently announced the “Find Your Place in Chicago” campaign, which showcases 200 affordably priced homes for sale in 26 vibrant Chicago communities. All of the featured condos, single-families, two-flats and townhouses range in price from $150,000 to $450,000, are brand new or rehabbed with the latest amenities, and have been created or supported through city investment.
Through this campaign, meaningful financial incentives – including money for down payment and closing costs, free upgrades, and even a special mortgage that provides buyers a federal tax credit – make these homes even more affordable. With the support of the Partnership for New Communities, a coalition of business, civic, and foundation leaders supporting the Chicago Housing Authority Plan for Transformation, the first 100 buyers to purchase a home in one of the newest mixed-income developments will receive a $10,000 grant toward the purchase price.
These financial incentives also are attracting the attention of area employers interested in housing a competitive workforce. For example, the Illinois Institute of Technology is growing its employer-assisted housing (EAH) program to help its employees make the most of this new opportunity. Illinois Institute of Technology is one of more than 70 Chicago-area employers giving their workers down payment and closing cost assistance, plus free home-ownership counseling through this innovative benefit. Others include companies and institutions with well-established EAH programs, such as the University of Chicago, Chicago Public Schools and Mercy Hospital, as well as the recently launched Park National Bank program.