The Cook County Bureau of Economic Development’s Department of Planning and Development today launched a third phase of the Cook County Down Payment Assistance Program. The Cook County Board of Commissioners approved the funds earlier this year.
The approved allocation of $2 million will assist residents in the homebuying process. Lenders participating in the program can access funding starting today, and more lenders are encouraged to join the program.
“At a time when homeownership feels increasingly out of reach for many working families, Cook County is committed to expanding access to the opportunities that help residents build stability and generational wealth,” said Cook County Board President Toni Preckwinkle. “The success of this program has shown that targeted public investment can make a meaningful difference, helping more people overcome barriers to homeownership and strengthen communities across our region.”
The Cook County Down Payment Assistance Program provides subsidies equal to 5% of the final first loan amount, up to $25,000. Subsidies can assist with down payments, closing costs or interest-rate buydowns for homes located in Cook County.
Assistance is provided as a forgivable second loan over a five-year term.
Eligibility criteria and guidance include:
- Households with an annual income at or below 120% of the Area Median Income (AMI) are eligible. For a family of four, this is $145,800.
- For those buying in Disproportionately Impacted Areas or Qualified Census Tracts, there is no income limit. There is no first-time buyer requirement to qualify.
- Applicants must have a minimum credit score of 620.
- All first-time homebuyers—which include those purchasing a home for the first time in three years—must complete a nationally accredited course through a U.S. Department of Housing and Urban Development-approved housing counseling agency before closing.
- Homes may include single-family homes, townhomes or condominiums.
- Club 720 will host biweekly virtual workshops that will educate homebuyers about eligibility, how to apply and how to work with participating lenders. These sessions, available in English and Spanish, will feature expert housing counselors, real estate professionals and lending partners.
The third phase of the Cook County Down Payment Assistance Program is built upon the success of a $3 million pilot program that launched in 2024 and assisted in the purchase of nearly 200 homes countywide, and an $8.6 million Phase II that assisted with the purchase of over 500 homes countywide.
As part of the program, the Cook County Bureau of Economic Development partners with Stifel, Inc., an investment banking firm, and Club 720 Solutions LLC, which helps individuals achieve homeownership by providing access to down payment assistance programs, coaching and educational resources.
Cook County is working with an additional loan servicer, Wintrust, to complement the current loan servicer, Land Home, which will expand options for borrowers.
The Cook County Down Payment Assistance Program is part of a broader commitment by the County to expand affordable housing access and create equity in homeownership across the region. Working with partners such as Club 720, the County hopes to assist over 100 homebuyers thanks to the latest funding.
For more information, whether you’re a homebuyer or interested lender, visit club720.org/cookcounty-dpa/.
