Chicago Building Neighborhoods and Affordable Homes Program
$100,000
About the Program
The Building Neighborhoods and Affordable Homes Program (BNAH) provides grants to qualifying buyers to assist in their purchase of primary, owner-occupied residences that are newly constructed single-family residential buildings, containing no more than four dwelling units, built pursuant to a City of Chicago Land Sale Redevelopment Agreement or a City Lots for Working Families Agreement. The program provides up to $100,000 in purchase price assistance to qualifying buyers.
Program Requirements
- Homes must have been built pursuant to a City of Chicago land sale redevelopment agreement and located in a city-wide area
- Household income cannot exceed 140% of the area median income (AMI) (see the City's Area Median Income Chart here)
- Buyers must dwell within one of the dwelling units as their primary residence for a minimum of 10-year occupancy period
Program Features
Grants will be provided to eligible buyers on a scale based on AMI and neighborhood residency: AMI / Neighborhood information
Grant funds can be used as follows:
- To fill an appraisal gap (difference between sales price and appraised value); and
- Closing Costs
- Down Payment
- Senior loan principal reduction
- Appraisals, inspections, pre-paid interest/points, 1 year pre-paid insurance
The Department of Housing administers the program from the application stage through closing, and then monitors the property for 10 years to verify owner occupancy.
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