I urge the City Council to support these important affordable housing initiatives. We are working diligently to make sure that all lease compliant CHA residents have the opportunity to remain in their neighborhoods as we transform public housing in Chicago. Mayor Daley also introduced an ordinance expanding homeownership opportunities for the disabled or mobility impaired. This innovative partnership linking government, non-profit and lending institutions will provide alternative living options, support services and funding resources to assist those disabled city residents desiring to become homeowners. The potential buyers under the Home Options Program must meet specific income and other requirements, including attending home buyer counseling sessions to facilitate the transition into homeownership.
Eligible housing includes single-family homes or condominium units.
Homebuyers will be required to procure first mortgage financing. Liberty Federal Bank will disperse the FHLB portion of the grant. Access Living, a center for advocacy and social change for people with disabilities, and Community Service Options, Inc., a planning and service coordination agency for people with developmental disabilities, are partnering with the City's Department of Housing in this effort, and will provide social services and other assistance within the community.