MMRP Purchase Assistance Grant
Program Overview
The MMRP Purchase Assistance Grant provides up to $30,000 in down payment assistance for the purchase of a home in one of the City of Chicago’s designated Micro Market Recovery Program (MMRP) Areas.
General Eligibility Requirements
To qualify for a MMRP Purchase Assistance Grant:
- The property must be located in one of the City of Chicago’s expanded MMRP Areas – Click here to to see if the home you are looking to purchase is located in an MMRP Area.
- A combined household income at or below 120% of Area Median Income (AMI). Meet household income requirements. See income eligibility chart below;
- Purchasing a 1-4-unit residential property or condominium home as your primary residence;
- A purchase contract signed by both parties and a pre-approval from a lender;
- Completed at least 8 hours of HUD-approved home ownership counseling;
- If purchasing a 2-4 unit property, attend a Landlord Training that includes information on the Cook County Landlords Ordinance;
- No outstanding City of Chicago debt (e.g. unpaid fines, tickets, etc.);
- Subject to an independent home inspection, with cost of inspection included as part of closing costs;
- Subject to a recorded covenant/grant recapture agreement;
- Homebuyer is to remain as an owner-occupant in the home for five years;
- Contribute a minimum 1% down payment and securing a standard 30-year fixed-interest first mortgage loan. Grants cannot be paired with adjustable-rate mortgages (ARMs), interest-only loans or buydowns;
- Grant is compatible with either a Conventional Loan or FHA financing.
Income Eligibility
MMRP Purchase Assistance Grants are available to low and moderate-income households earning up to 120% of the Area Median Income (AMI) for the Chicago Metropolitan Area as determined by the U.S. Department of Housing and Urban Development. Please see table below to determine if you meet the income eligibility requirement. Household size and income will be verified by using tax returns and other financial documents during the application process. Please refer to the list of required documents required documents you will need to complete the application process. If you are not sure about your income eligibility, please call NHS Client Services at 773-329-4111 or email to mmrp-dpa@nhschicago.org.
| Number Of People In Your Household | Household Size 120% Income Limit |
|---|---|
| 1 Person | $92,760 |
| 2 Person | $105,960 |
| 3 Person | $119,160 |
| 4 Person | $132,360 |
| 5 Person | $143,040 |
| 6 Person | $153,600 |
| 7 Person | $164,160 |
| 8 Person | $174,720 |
| 9 Person | $185,400 |
| 10 Person | $195,960 |
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