New Grant Offers Home Buyers $10,000
This week, Mayor Daley revealed a new incentive that will award a limited number of home buyers with $10,000 grants to put towards purchasing homes in several Plan for Transformation developments around the city. The developments are a project of the Chicago Housing Authority (CHA) that will replace old high-rises with mixed-income residential complexes.
The incentive program, touting the motto “Find Your Place in Chicago,” was instated to resurrect interest in the CHA developments and attract home buyers to the properties. The grant will be offered to the first 100 buyers to close on a home in one of the seven designated complexes. The $10,000 grant can be used by the recipient to help purchase the property and there are no minimum or maximum income limitations. Homes are priced between $150,000 and $450,000.
The city will promote Find Your Place in Chicago through a marketing campaign which will also raise awareness of other bargain price programs and tax credit incentives. The goal of the grant and advertising efforts is to stimulate enough sales in CHA housing developments to continue with the Plan for Transformation renewal projects.
Posted at 09:18AM Sep 08, 2008 by Spencer Mason in General Comments[0]
