The Chicago Department of Housing (DOH), in partnership with the Chicago Community Loan Foundation (CCLF), and The Resurrection Project (TRP), has opened applications for the newly established Shared Equity Investment Program. The initiative aims to expand homeownership, create wealth building opportunities, and support shared equity models of homeownership. The program is part of Mayor Brandon Johnson’s larger Community Wealth Building efforts. The Mayor’s Office of Equity and Racial Justice (OERJ) leads the City’s work to promote the local, democratic, and shared ownership and control of community assets. The Shared Equity Investment Program has two tracks: Purchase Price Assistance led by TRP and Acquisition Support led by the CCLF. Both organizations were selected to manage their respective tracks through a Request for Proposals issued by DOH in 2023.

Purchase Price Assistance helps homebuyers reduce the cost of purchasing a housing cooperative (co-op) unit, community land trust (CLT) property, or a deed-restricted unit. Participants in this track can receive up to $60,000, with eligible grant uses including principal write-down, closing costs, private mortgage insurance premium, and down payment assistance. Homebuyers earning up to 120% of the Area Median Income (AMI) are eligible.  The Acquisition Support track will provide co-ops and CLTs funding to increase the number of permanently affordable units in Chicago. The program will provide up to $100,000 per unit for property acquisition costs, holding costs, and legal costs. To be eligible, 51% of units must be priced and sold at rates affordable to households at 80% AMI or below. Interested individuals or organizations can apply online starting October 29, 2024, through TRP or CCLF. For more information on each Shared Equity Investment Program track and how to apply, visit Chicago.gov/SEIP.