Cook County Board Approves Funding for Second Phase of Down Payment Assistance Program
COOK COUNTY, IL—The Cook County Board of Commissioners on June 12 approved $8.6 million to support a second phase of the Cook County Down Payment Assistance Program, which will assist residents in the homebuying process.
Lenders that are part of the program will have access to funding on June 24, 2025—and more lenders are encouraged to join the program.
“Part of the American Dream is homeownership, and this program has helped that dream become reality for hundreds of Cook County households,” said Cook County Board President Toni Preckwinkle. “I’m grateful to the Cook County Board of Commissioners for its support of a second round of funding, and we look forward to helping even more people as they look to purchase a home. My administration is committed to making Cook County a viable place to live, work and raise a family.”
The second phase of the Cook County Down Payment Assistance Program comes in the wake of a $3 million pilot program that launched in 2024 and assisted in the purchase of over 200 homes countywide.
As part of the program, the Cook County Bureau of Economic Development partners with Stifel, Inc., an investment banking firm, and Club 720 Solutions LLC, which helps individuals achieve homeownership by providing access to down payment assistance programs, coaching and educational resources.
The Cook County Down Payment Assistance Program provides subsidies equal to 5 percent of the home's sale price, up to $25,000. Subsidies can assist with down payments, closing costs or interest-rate buydowns for homes located in Cook County.
The assistance is provided as a forgivable second loan over a five-year term.
Households with an annual income at or below 120 percent of the Area Median Income (AMI) are eligible. For a family of four, this is $143,880.
For those buying in Disproportionately Impacted Areas or Qualified Census Tracts, there is no income limit.
Applicants must also have a minimum credit score of 620.
All first-time homebuyers—which include those purchasing a home for the first time in three years—must complete a nationally accredited course through a U.S. Department of Housing and Urban Development-approved housing counseling agency before closing.
Homes may include single-family homes, townhomes or condominiums.
Club 720 will host biweekly virtual workshops that will educate homebuyers about eligibility, how to apply and how to work with participating lenders. These sessions, available in English and Spanish, will feature expert housing counselors, real estate professionals and lending partners.
During the pilot program, participants received an average of $15,000 in assistance, and 80 percent of participants were first-time homebuyers. The program allowed buyers to access homes priced from $200,000 to $400,000, which had previously been considered beyond their means.
Cook County resident Mike Rodriguez used the pilot program to purchase a home in Crestwood for his family including his wife, four children and mother-in-law.
“This program was important to me because it assisted me with a down payment and saves me dollars that will go right back into needed home repairs and other needs we as a family may have,” Rodriguez said. “The cost of living is so high at this time that I am sure many other purchasers would benefit from this program. I know it has benefited us.”
Another local resident, Mary Cha, who was a single borrower, used the program to help with purchasing a condominium in Chicago.
“I’m so grateful that this program was available,” Cha said. “I had some personal savings, but the extra boost was incredibly helpful, especially as a single person buying my first home in the current housing market.”
The Cook County Down Payment Assistance Program is part of a broader commitment by the County to expand affordable housing access and create equity in homeownership across the region.
Working with partners such as Club 720, the County hopes to assist over 500 homebuyers thanks to the latest funding.
“We’re proud to partner with Cook County Government to ensure this program is not just available, but understandable and accessible to those who need it most,” said Club 720 CEO Heather Presley-Cowen.
For more information, whether you're a homebuyer or interested lender, visit club720.org/cookcounty-dpa/.