Expanding Affordable Homeownership Opportunities in Homan Square
About the Program
Reclaim Homan Square Homeownership Initiative is an effort by the Foundation for Homan Square and IFF to build 20 single-family homes on vacant lots in the neighborhood. The goal of the program is to provide inter-generational wealth building opportunities to Chicagoans who live, work, or worship on the West Side.
By the West Side, for the West Side. Reclaim Homan Square is part of a collaboration to build 1,000 homes on the West Side to build the power of our blocks and people!
Affordable Homeownership
Buy a new construction home at a below market price. Qualified buyers who live, work, or worship on the West Side will qualify for special subsidies and grants that write down the cost of our homes. Read our FAQ below for more information.
Curious about what it takes to buy a home? We’re here to support you. Our program is partnered with experienced experts who will help you understand the process of buying a home and connect you with the resources you need to make a smart, sustainable home purchase.
Start your path to homeownership today!
Complete our interest form for the latest updates on our program.
Steps to Buying a Reclaim Homan Square Home
Step 1
Register for a Homeownership Workshop
Participating in homebuyer counseling is the first requirement for buying a Reclaim home. At these workshops, you will learn how to work with the professional partners you need to purchase your home and receive personalized assistance on your next steps to homeownership.
Step 2
Complete 1:1 Homeownership Counseling
Our partners at the West Cook Homeownership Center (WCHC) are ready to help you create a customized path to homeownership. During these sessions, HUD-certified counselors will help you create an action-plan, including any needed credit repair or budgeting plans.
Step 3
Initiate Construction of Your Home!
After completing homeownership counseling, you will be eligible for homebuyer subsidies through the Reclaiming Chicago Communities Program. At this point, you will start working with IFF and Inherent Homes to start the customization and construction of your home!
FAQ’s
How much will the homes cost?
While a final cost has yet to be determined, our team estimates that the new homes will cost somewhere between $250,000 to $275,000 after subsidies. This price point is meant to target potential buyers making an average income for Chicago (60%-80% AMI). Right now, the average annual income for a family of 4 is in the window of: $62,520 – $83,350.
Where will the homes be constructed?
The homes will be constructed on vacant lots throughout Homan Square. In line with the 2018 Strategic Development Plan, this project will activate unused lots with infill development, replacing vacant land with new neighbors.
What will the homes look like?
Our community development team is still finalizing designs with the project architect. To an extent, homebuyers will be able to customize their homes before construction. Check back soon for updates!
Will there be any sort of assistance for homebuyers?
Yes. Potential homebuyers will have access to homeownership counciling to assist them through the entire homebuying process – if desired. Our team is still seeking a homeownership partner, so register for the FHS email listserv for more information once it is available.
Project Partners
Have questions about this project?
Use the form below to get in touch with our team.
The Reclaim Homan Square Homeownership Initiative is an Equal Housing Opportunity.