Cook County to spend $8.6 million to help homebuyers make down payments

The Cook County Board has approved $8.6 million in spending to support the second phase of the county’s Down Payment Assistance Program.

It comes in the wake of a $3 million pilot program that launched in 2024 and assisted in the purchase of more than 200 homes countywide.

The program provides subsidies equal to 5% 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% of the Area Median Income are eligible. For a family of four, this is $143,880. Applicants must also have a minimum credit score of 620.

Homes may include single-family homes, townhomes or condominiums.

For more information, visit club720.org/cookcounty-dpa/.