2.5 Homeownership

2.5 Provide direct financial assistance to residents to sustain and preserve homeownership, to address the racial wealth gap and prevent continued displacement.

Lead Department: Bureau of Economic Development

FY24 Highlighted Accomplishments:

• Launched the Cook County Downpayment Assistance Program, a pilot initiative designed to assist homebuyers with downpayments, closing costs, or mortgage buydowns.
• Launched the Cook County Water Affordability Program, which provides targeted water bill relief, residential leak repair, water restoration and technical assistance for suburban Cook municipalities.
• Approved the modular housing program, which will support new construction of housing units for sale utilizing modular building techniques and downpayment assistance for qualified buyers. In partnership with the Land Bank, the pilot program will ultimately support the development of approximately one hundred new homes in up to four communities.

Implementation Status: On track – meaningful progress advanced