Home | Forms/Documents | News | Contact Us | Privacy Statement | En Español
 |
 |
 |
 |
 |
The Smith family is one of the growing number of voucher program participants who have realized the dream of homeownership. |
||
|
|
|
Homeownership Program (Choose to Own)
Choose to Own rather than to rent...
Thanks to a revolutionary program, voucher families who qualify now have the same option as many middle-class families. Choose to Own, CHAC’s innovative homeownership program, allows qualified families to use their vouchers to offset a portion of the mortgage, the same way they use their voucher to offset a portion of their rent. Families can purchase a single-family house, town house, condominium or cooperative anywhere in Chicago.
The family’s HAP payment can be applied to their mortgage for a period of up to 15 years. During this time, the family builds equity and stability. In addition to the financial assistance, the program provides homebuyer education, credit counseling and other services to help voucher families navigate the process and increase their chances of making the transition to homeownership.
To qualify for Choose to Own, the head of household must:
- be a participant in the Chicago Housing Choice Voucher Program;
- be in compliance with all of the rules and requirements of the program;
- be a first-time homebuyer or have not owned for at least three years;
- earn at least $10,300* annually from employment or business; and
- complete a pre-counseling program
*Several program exceptions allow seniors and disabled participants to take advantage of the homeownership option.
Choose To Own is a wonderful opportunity for voucher families, offering a long-term solution to their housing needs and providing substantial financial benefits. The program is another way in which CHAC is striving to increase housing options for low and moderate-income families.
For more information on Choose to Own, attend one of the special programs information sessions offered each month. Click on the calendar of events for this month's schedule. You may be required to enroll in CHAC's Family Self-Sufficiency Program FSS) to participate in the homeownership program. If you are already in FSS, contact your client service representative to establish homeownership as one of your goals. You will be referred to Choose To Own.
DOWNLOAD:
Calendar of Events
Choose To Own brochure
A Participant’s Guide to the Chicago Housing Choice Voucher Program
Special Programs Interest Form
