Renew Woodlawn is an innovative program that offers grants and down-payment assistance to help qualified buyers purchase and renovate 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.
Prospective buyers have several options for participating in Renew Woodlawn. They may receive subsidies toward the purchase and rehab of any one- to four-unit vacant property located within Woodlawn 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 making homeownership attainable 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.
For more information on program requirements and program outcomes, read Renew Woodlawn: Promoting Homeownership on Chicago’s South Side
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 Ryan Cote at 312-468-6493 or at email@example.com
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