The Cook County Board of Commissioners on June 12 approved $8.6 million to support a second phase of the Cook County Down Payment Assistance Program, which will assist residents in the homebuying process.
Lenders that are part of the program will have access to funding on June 24 — and more lenders are encouraged to join the program.
The second phase of the Cook County Down Payment Assistance Program comes in the wake of a $3 million pilot program that launched in 2024 and assisted in the purchase of over 200 homes countywide.
As part of the program, the Cook County Bureau of Economic Development partners with Stifel, Inc., an investment banking firm, and Club 720 Solutions LLC, which helps individuals achieve homeownership by providing access to down payment assistance programs, coaching and educational resources.
The Cook County Down Payment Assistance Program provides subsidies equal to 5 percent of the home’s sale price, up to $25,000. Subsidies can assist with down payments, closing costs or interest-rate buydowns for homes located in Cook County.
The assistance is provided as a forgivable second loan over a five-year term.
Households with an annual income at or below 120 percent of the Area Median Income (AMI) are eligible. For a family of four, this is $143,880.
For those buying in Disproportionately Impacted Areas or Qualified Census Tracts, there is no income limit. Applicants must also have a minimum credit score of 620.
All first-time homebuyers — which include those purchasing a home for the first time in three years — must complete a nationally accredited course through a U.S. Department of Housing and Urban Development-approved housing counseling agency before closing.
Homes may include single-family homes, townhomes or condominiums.
Club 720 will host biweekly virtual workshops that will educate homebuyers about eligibility, how to apply and how to work with participating lenders. These sessions, available in English and Spanish, will feature expert housing counselors, real estate professionals and lending partners.
During the pilot program, participants received an average of $15,000 in assistance, and 80 percent of participants were first-time homebuyers. The program allowed buyers to access homes priced from $200,000 to $400,000, which had previously been considered beyond their means.
For more information, whether you’re a homebuyer or interested lender, visit club720.org/cookcounty-dpa/.
