Finding a Home

In order to qualify for a home, applicants must meet all threshold eligibility requirements.  Secondary selection criteria will be used to determine the waiting list.  If you believe that you may be eligible, you are invited to attend an Information Workshop (see the upcoming dates) to receive an application and a list of participating lenders.

Threshold Eligibility Criteria

Income. Maximum income must not exceed 110% of the Chicago area median income (AMI), adjusted for household size, according to the Department of Housing and Urban Development.  In some cases, funding will require homeowners to have maximum incomes lower than 115% of the Chicago AMI. Applicants for 500 Hyacinth Place can earn up to 120% of AMI.

Assets. The combined assets for the household may not exceed 150% of the Chicago AMI for the household size.  Personal assets in excess of the limit may be applied torwards the purchase price of the home.  In addition, the homebuyer may not own other residential property at the time of the purchase without written permission from the HPICLT Board of Directors.

Homebuyer Education. Applicants must complete the HPICLT Orientation
Workshop and first-time home buyers must complete a HUD-approved pre-purchase counseling program

Creditworthiness. Applicants must be able to demonstrate a history of responsible effort to meet their financial obligations, evidenced by their ability to qualify for a mortgage by a private lender.

Mortgage Qualified. Applicants must submit a mortgage pre-approval letter at the time of application from a participating private mortgage lender. Participating lenders include:

Lake Forest Bank and Trust Company (Highland Park Bank & Trust and Bank of Highwood)
April Jensen (847) 266-7600

Northern Trust Bank
Jen Carr (312) 557-7370

Fifth Third Bank
Wesley Ley (847) 732-1099

National City Bank
Elizabeth Pugh (847) 707-7953

Secondary Selection Criteria

Local Priority. Priority will be given to households that live in Highland Park or in which the head of household or spouse/domestic partner works in Highland Park.  An individual will be considered to work in Highland Park if he/she is currently employed, or has a bona fide offer to work, for at least 20 hours a week in Highland Park. 

Low-Income. Priority will be given to households with incomes that do not exceed 80% of the Chicago AMI. 

Affordable Housing Inventory. With the approval of the Board of Directors, priority will be given to households, who have sold or entered into a contract to sell their dwellings to HPICLT, thereby contributing to HPICLT’s affordable housing inventory.

Occupancy Guidelines

To ensure that units are not underutilized, HPICLT will attempt to match household size with unit size as follows:

Unit Size - 1 BR | Minimum Household Size - 1
Unit Size - 2 BR | Minimum Household Size - 2
Unit Size - 3 BR | Minimum Household Size - 3
Unit Size - 4 BR | Minimum Household Size - 5

Income Limits

Effective April, 2009
Families with household size and incomes less than 120% of the median income

1	2	3	4	5	6	7	8
$63,360	$72,360	$81,480	$90,480	$97,680	$105,000	$112,200	$119.400

Families with household size and incomes less than 100% of the median income

1	2	3	4	5	6	7	8
$52,800	$60,300	$67,900	$75,400	$81,400	$87,500	$93,500	$99,500

Families with household size and incomes less than 80% of the median income

1	2	3	4	5	6	7	8
$42,200	$48,250	$54,250	$60,300	$65,100	$69,950	$74,750	$79,600