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Emanuel to announce home buyer assistance program

Published  January 25, 2016 8:36am CST
News
FOX 32 Chicago

CHICAGO (FOX 32 News) - Mayor Rahm Emanuel wants to shell out thousands of dollars to people who want a permanent Chicago address.

Emanuel is set to announce a new home ownership assistance program Monday.

Chicago wants to make it more attractive to make this city your permanent home.

There are thousands of buyer’s assistance programs. Emanuel is announcing a program that offers more for a downpayment and it extends the qualifications.

Emanuel’s Home Buyer Assistance Program provides support for down payment and closing costs, up to 5 percent of the total loan, based on income.

If the typical Chicago house is about $250,000, a family could get $12,000 to help with those costs.

The program targets middle and low income households with incomes of less than $106,000. Applicants are required to take a home buyer education class.

This program has to be approved by city council. A moving company recently ranked Illinois the No. 3 state in the country to move away from.