Renew Woodlawn is an innovative program that offers grants and down-payment assistance to help qualified buyers purchase and renovate new homes in the Woodlawn neighborhood of Chicago. Through the Renew Woodlawn Homeownership Program, POAH is answering the call to increase access to homeownership for local residents, attract new moderate-income homeowners, and address the problem of blight caused by vacant properties in Chicago’s Woodlawn neighborhood.
Prospective buyers have several options for participating in Renew Woodlawn. They may receive up to $15,000 in subsidies towards the purchase, or up to $50,000 in subsidies towards the purchase and rehab, of any one- to four-unit vacant property located within the designated area: 60th Street on the north to 67th Street on the south, and King Drive on the West to Stony Island Avenue on the east. To qualify, they must have a household income of no more than 120 percent of the Area Median Income, and those who purchase two- to four-unit properties must rent to Income Qualified Tenants.
Renew Woodlawn’s greatest success is providing the dream of homeownership for residents who might not otherwise see that dream come true. At the same time, Renew Woodlawn has revitalized vacant and blighted properties, strengthening and stabilizing the community, block by block. The program is not one-size-fits-all, but rather works with the unique attributes of each funding source, each property, and each prospective buyer to match the right type of property, incentives, and lender.
The program is funded by the U.S. Department of Housing and Urban Development, the National Foreclosure Settlement Awards and the City of Chicago. POAH’s partners include the City of Chicago Department of Planning and Development, Neighborhood Housing Services of Chicago Inc., and the Community Investment Corporation.
For information about Renew Woodlawn Homeownership Program, grants and other financial assistance, contact Paula M. Grantt, Program Coordinator , at 773-329-4106 or email@example.com
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