Shared Equity Investment Program
The Chicago Department of Housing (DOH), in partnership with the Chicago Community Loan Foundation (CCLF), and The Resurrection Project (TRP), has opened applications for the newly established Shared Equity Investment Program. The initiative aims to expand homeownership, create wealth building opportunities, and support shared equity models of homeownership.
This program expands on DOH’s Mission, Vision, and Values and aims to be:
- Equity-based: DOH acknowledges the current and historic inequity in housing and prioritizes housing for those historically marginalized.
- Community-led: DOH centers residents in the decision-making process and allows control of housing to remain with community-based organizations through coops and land trusts.
- Anti-displacement focused: DOH is committed to supporting neighborhoods that are experiencing heightened levels of resident displacement.
The Shared Equity Investment Program has two tracks: Purchase Price Assistance led by TRP and Acquisition Support led by the CCLF. Learn more about each track and how to apply below.
- Admistrator: The Resurrection Project
- Purpose: To support affordable homeownership by reducing the cost of purchasing a co-op or community land trust property
- Eligibility:
- Homebuyers purchasing property in a community land trust, a unit in a cooperative, or a deed-restricted affordable unit
- Households up to 120% of Area Median Income (AMI)
- Eligible Expenses: Principal write-down, closing costs, private mortgage insurance (PMI) premium, and down payment assistance
- Grant Total: Up to $60,000 per household
- Admistrator: Chicago Community Loan Fund
- Purpose: To increase the number of permanently affordable units in Chicago by supporting co-ops & community land trusts in acquisition of units
- Eligibility:
- Cooperatives with affordability restrictions
- Community land trusts
- 51% of units must be priced and sold at rates affordable to households at 80% AMI or below
- Eligible Expenses: Property acquisition costs, holding costs, and legal costs
- Grant Total: Up to $100,000 per unit
The program is part of Mayor Brandon Johnson’s larger Community Wealth Building efforts. The Mayor’s Office of Equity and Racial Justice (OERJ) leads the City’s work to promote the local, democratic, and shared ownership and control of community assets. To learn more about OREJ’s Community Wealth Building work, visit chicago.gov/CommunityWealthBuilding.