Get Housing
IN ORDER TO QUALIFY FOR A HOME, WE INVITE YOU TO ATTEND A 45-MINUTE INFORMATION SESSION which reviews our affordable housing programs and requirements. Applications for housing are available at all information sessions. If you are unable to attend a scheduled information session, please contact us to arrange an individual meeting.
Below is a summary of the eligibility criteria. We also invite you to review the Frequently Asked Questions page.
Income
The maximum allowable gross household income is 120% of the Chicago Area Median Income (AMI) as established annually by the U.S. Department of Housing and Urban Development. Income limits vary per home depending on the type of funding used to acquire, rehabilitate and/or build the home. Most homes are limited to households earning less than 80% of the AMI.
80% AMI Limit
|
Household size |
1 |
2 |
3 |
4 |
5 |
6 |
|
Income limit |
$42,100 |
$48,100 |
$54,100 |
$60,100 |
$64,950 |
$69,750 |
100% AMI Limit
|
Household size |
1 |
2 |
3 |
4 |
5 |
6 |
|
Income limit |
$52,600 |
$60,100 |
$67,600 |
$75,100 |
$81,200 |
$87,200 |
120% AMI Limit
|
Household size |
1 |
2 |
3 |
4 |
5 |
6 |
|
Income limit |
$63,120 |
$72,120 |
$81,120 |
$90,120 |
$97,440 |
$104,640 |
Assets
The combined assets for the household may not exceed 150% of the AMI, or approximately $112,000 for a four-person household. Assets do not include retirement-restricted accounts such as IRAs and pensions. Applicants may not own other residential property at the time of purchase without written permission from the CPAH Board of Directors.
First-Time Homebuyers
All first-time homebuyers are required to complete a free 4-hour first-time homebuyer class offered by a pre-purchase counseling program that is approved by the U.S. Department of Housing and Urban Development.
Creditworthiness
Applicants (to rent or purchase) must be able to demonstrate a history of meeting their financial obligations. Applicants to purchase a home must be able to qualify for a mortgage from a participating lender.
Secondary Selection Criteria:
Local Priority. Priority will be given to households who live and/or work in the community. A person will be considered to work in the community if he/she is employed or has a bona fide offer to work for at least 20 hours per week in the community.
Low-Income. Priority will be given to households with incomes that do not exceed 80% of AMI.
Affordable Housing Inventory. With the approval of the CPAH Board of Directors, priority will be given to households who have entered into a contract to sell or donate their home to CPAH, thereby contributing to the community’s affordable housing inventory.