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The Cook County Board of Commissioners has approved $8.6 million for the second phase of the Cook County Down Payment Assistance Program. This funding, set to be available to participating lenders on June 24, 2025, aims to aid residents in purchasing homes.
Cook County Board President Toni Preckwinkle emphasized the program's role in helping families achieve homeownership. "Part of the American Dream is homeownership, and this program has helped that dream become reality for hundreds of Cook County households," she stated.
The initial pilot program launched in 2024 with $3 million and facilitated over 200 home purchases across the county. The new phase continues collaboration between the Cook County Bureau of Economic Development, Stifel, Inc., and Club 720 Solutions LLC.
Eligible households can receive subsidies up to 5 percent of a home's sale price or $25,000. These funds may cover down payments, closing costs, or interest-rate reductions for properties within Cook County. Assistance is structured as a forgivable loan over five years.
Eligibility criteria include an annual income at or below 120 percent of the Area Median Income (AMI), which equates to $143,880 for a family of four. There are no income limits for those buying in Disproportionately Impacted Areas or Qualified Census Tracts. Applicants must have a minimum credit score of 620 and complete a HUD-approved housing counseling course if they are first-time buyers.
Club 720 will conduct biweekly virtual workshops on eligibility and application processes in both English and Spanish.
During the pilot phase, participants received an average assistance amount of $15,000. The program enabled access to homes priced between $200,000 and $400,000.
Mike Rodriguez benefited from this initiative by purchasing a home in Crestwood for his family. "This program was important to me because it assisted me with a down payment," he shared.
Mary Cha also utilized the program as a single borrower to buy her first condominium in Chicago. "I’m so grateful that this program was available," Cha expressed.
The Cook County Down Payment Assistance Program aligns with broader efforts by the county to enhance affordable housing access and promote equity in homeownership. The latest funding aims to support over 500 additional homebuyers through partnerships like Club 720.
"We’re proud to partner with Cook County Government," said Club 720 CEO Heather Presley-Cowen.
For further details on participation as either a homebuyer or lender, visit club720.org/cookcounty-dpa/.
