CHICAGO — Cook County is stepping up its efforts to make homeownership more accessible by adding $8.6 million in funding to its Down Payment Assistance Program, county officials announced this week.
The expansion, approved by the Cook County Board of Commissioners, marks the beginning of Phase 2 of the initiative, following a successful pilot round that helped over 200 households purchase homes across the region.
Phase 2 Begins June 24: More Residents Can Apply
Starting June 24, participating lenders will be able to access the new round of funding to help eligible buyers with:
- Down payments
- Closing costs
- Interest-rate buydowns
The assistance will be available across Cook County, including suburbs and city neighborhoods where housing affordability remains a challenge.
Up to $25K in Forgivable Aid for Homebuyers
Eligible buyers can receive as much as $25,000 or 5% of the home’s purchase price, whichever is lower. The financial support comes in the form of a forgivable second loan — meaning it doesn’t need to be repaid as long as the recipient lives in the home for at least five years.
The program also allows funds to be used for interest rate reduction, a benefit especially valuable in today’s rising mortgage climate.
“Part of the American Dream is homeownership,” said Cook County Board President Toni Preckwinkle. “This program has helped that dream become reality for hundreds of Cook County households.”
Who Qualifies for the Program?
To qualify, applicants must meet the following criteria:
- First-time homebuyer status
- Credit score of 620 or higher
- Completion of a HUD-approved housing counseling course
Income limits are generally capped at 120% of the Area Median Income (AMI) — approximately $143,880 for a family of four — though there is no income cap for those buying in designated Disproportionately Impacted Areas or Qualified Census Tracts.
The program is expected to be especially impactful for buyers in working-class suburbs, many of whom are priced out of the current housing market despite having stable incomes.
Where to Apply or Learn More
Interested homebuyers and lenders can visit club720.org/cookcounty-dpa for program guidelines, lender contacts, and application support.
The county is also working to increase the number of participating lenders and counseling agencies to ensure greater outreach and accessibility throughout 2025.
Thinking of Buying a Home in the Suburbs?
If you’ve been waiting for the right moment to become a homeowner in Cook County, this could be your sign. Whether you’re looking in Berwyn, Oak Lawn, Evanston, or beyond — the Down Payment Assistance Program could open doors. Learn more, share your story, or ask questions at ChicagoSuburbanFamily.com.
