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ACORN
Housing Corporation of Illinois purchases and renovates vacant houses
on the south side of Chicago. By revitalizing these homes we are
able to turn buildings that would otherwise blight the community
into solid, modernized homes that are both affordable and houses
that families can be proud to call home. Homes typically receive
modernized electric, plumbing and HVAC systems; doors, windows and
roofs are upgraded or replaced; kitchens and bathrooms are renovated
and most of the interior finishes are either replaced or restored.
Many of these houses are classic Chicago Bungalow style homes that
when renovated and modernized can provide affordable housing for
decades to come. Houses renovated through our program are eligible
for below market interest rate loans provided by World Savings Bank.
These loans combined with downpayment & closing cost assistance
from the Federal Home Loan Bank of San Francisco and two grants
from HUD help to keep the houses affordable to the low income households
who live in the targeted communities.
All
homebuyers attend homebuyer training and counseling workshops and
meetings to prepare them for their rights and responsibilities as
homeowners. During the last year, 350 households enrolled in our
homebuyer counseling program and are working with an ACORN Housing
Counselor to realize their dream of becoming a homeowner. Homebuyers
who graduate from our program are eligible for a variety of preferred
mortgage loan programs negotiated with Program Lenders and programs
offered by the City of Chicago.
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