Neighborhood Lending Program Home Purchase and Purchase/Rehab
Through the Neighborhood Lending Program, the City of Chicago and Neighborhood Housing Services (NHS), provide first and second mortgage loans for the purchase or purchase+rehab of 1- to 4-unit buildings for homeowners who might otherwise not be able to purchase a home. Special subsidies are also available to income-eligible households to support these loans. Clients receive one-on-one counseling and classroom instruction in budgeting, financial planning and credit repair.
Qualifying applicants seeking to purchase or purchase+rehab a home may receive deferred, forgivable loans for:
- Downpayment assistance
- Closing cost assistance
- Affordability assistance (debt-to-income ratio)
- Lead-based paint abatement
Program eligibility will be determined by NHS based on gross annual household income. To qualify for a forgivable loan, households must be under 80% of area median income - approximately $59,600 for a family of four.
Contact NHS at (773) 329-4010 for information and application materials.