To celebrate and encourage homeownership, the City of Chicago will do its part to help raise awareness of homeownership opportunities for first-time homebuyers during National Homeownership Month.

The City will mark the event with a week-long observance. The Department of Housing (DOH) will staff a homeownership information booth, June 9-13, in the lobby of City Hall, 121 N. LaSalle St. from 9:00 a.m. to 2:00 p.m. Staff will provide information and discuss homeownership options with potential homebuyers.

"We want to help raise awareness of homeownership and also encourage homebuyers to learn about the responsibilities that come with homeownership," Housing Commissioner Ellen Sahli said. "The City offers a number of options for first-time homebuyers, and we want you to explore the many opportunities that are available in Chicago's great neighborhoods."

It is still a good time to buy a home in Chicago, and there are great opportunities for new homebuyers across the City.

Through a number of programs the City provides land and other financial assistance to developers. In return the developers sell their new homes or condominiums at affordable prices.

For instance, the John Egan Development offers new, affordable single-family homes and two-flats in the North Lawndale community. The development is located in the blocks bounded by Congress Parkway, 15th Street, Kedvale and Kedzie avenues.

A number of affordable condominium units are available for purchase by eligible first-time homebuyers at R+D659, a contemporary high-rise, located at 659 W. Randolph St. on the City's Near West Side. These units are offered through the Chicago Partnership for Affordable Neighborhoods (CPAN) initiative.

At housing fairs and other events planned throughout June, DOH staff will also meet with prospective homebuyers and provide them with information to help them determine if homeownership is right for them.

Since 1993, City homeownership programs have helped more than 7,600 families buy homes.

A variety of homeownership programs offer different types of assistance, including mortgages and homeownership counseling services. The City's homeownership programs include:

TaxSmart Mortgage provides a federal income tax credit to qualified first-time homebuyers of single-family homes, condominiums, townhomes and owner-occupied buildings with four or fewer units. The credit is equal to 20 percent of the amount of interest paid on the mortgage each year.

New Homes for Chicago provides new construction single-family and two-flats at affordable prices. Depending on income, the buyer may also be eligible for up to $40,000 in purchase price assistance. Over 2,100 new homes have been built or are in marketing/construction through New Homes for Chicago since the program's inception in 1990.

CPAN enables homebuyers to purchase affordable condominiums or townhouses in market-rate developments. The initiative offers below market prices and up to $30,000 in purchase price assistance to qualified buyers.

Housing Counseling Services help create more successful homeowners. Prospective homeowners meet one on one with a counselor to discuss the criteria for buying a home, review mortgage products, budget and overall credit history information, steps to buying a home, closing and post closing information and more.

Chicago Community Land Trust (CCLT) helps preserve the long-term affordability of homes created through City programs. Under the CCLT initiative, housing units are sold at affordable prices, even though their market value is considerably higher. Subsidies used to make a home affordable for the first buyer stay with the home to keep it affordable for the next buyer.

The Department of Housing continues to develop innovative programs and policies to expand affordable homeownership. Get the latest information about the City's first-time homebuyer programs.