Financing
HHDC Homes works hard to make sure your home is affordable to you. Here are some ways we can help:- For households
with lower incomes, we can reduce the price below appraised value on certain
units in Humboldt Park
and Logan Square Townhomes, and take a junior mortgage for the difference. You
“pay” that junior mortgage by remaining in the home for 5 years. After that,
the mortgage is released, giving you instant equity!*
- Park Residences @
Garfield and Boulevard Court also have below-market rate units for moderate
income households, with a junior mortgage forgivable over 5 years.
- HHDC Homes works
with the City of Chicago’s Tax Smart Mortgage program, available to income-qualifying
households, which gives you a tax credit for some of the costs of
homeownership. You can even get a tax refund for being a homeowner!
- Some of our
community partners also have junior mortgage programs from Illinois Housing
Development Authority, which lets you “pay” your mortgage just by living in
your home!
- Many of our lending partners have down-payment assistance programs or below-market rate financing for qualified buyers. HHDC’s Marketing Director can lead you to the right sources to make your home-owning dream a reality.
*Humboldt Park Townhomes and Logan Square Townhomes are subject to some resale restrictions. All affordable units are available only to owner-occupants.
