Resale of Affordable Units
The following documents should be submitted to the Department of Housing (DOH) to begin processing of a request for review of the sale of the affordable unit in compliance with the City of Chicago Mortgage, Security and Recapture Agreement:
- A copy of the recorded Mortgage Security and Recapture Agreement (MSRA) or junior mortgage signed with the City of Chicago
- A signed hardship letter with all specific details of the sale request
- A copy of the appraisal for the unit
- A copy of the MLS listing for the property
- A copy of the current tax bill from Cook County for the property
- A copy of the current title commitment for the property
- A copy of the payoff letter issued by the first mortgage lender specifying the payoff required
- A copy of the real estate contract signed for the sale of the property
- A preliminary settlement statement or HUD-1 with the details of the sale of the property
If the MSRA requires sale to a qualified household, for an affordable price, and the buyer to sign a deed restriction, the buyer must submit a Home Buyer Application, and all required documents to DOH for review to verify they are a qualified household.
DOH senior staff will review these documents once they are submitted to the department as one package. After the review is completed, staff will contact the seller, and provide specifications of what will be needed in order for DOH to issue a release.
For more information, contact 312.744.0826.