Chicago City Wire

The Chicago Department of Housing, in collaboration with the Chicago Community Loan Foundation and The Resurrection Project, has initiated the Shared Equity Investment Program. This program aims to increase homeownership opportunities and support shared equity models in Chicago.

This initiative is part of Mayor Brandon Johnson's broader efforts towards community wealth building. The Mayor’s Office of Equity and Racial Justice is leading this work to promote local ownership and control of community assets.

"Through this program, we’re providing Chicagoans with real pathways to affordable homeownership that build wealth and strengthen our communities," stated Mayor Brandon Johnson. "This partnership is a key step in creating lasting, community-owned opportunities that will empower families and foster stability across our neighborhoods."

The program consists of two tracks: Purchase Price Assistance managed by The Resurrection Project (TRP) and Acquisition Support led by the Chicago Community Loan Foundation (CCLF). Both organizations were chosen through a Request for Proposals issued by the Department of Housing in 2023.

“We’re excited to continue working on new pathways to affordable homeownership,” said Lissette Castañeda, Commissioner of the Department of Housing. “An equity-based, community-led, and anti-displacement focused approach aligns with our department’s mission and doesn’t just create opportunities today, but it also ensures such opportunities are preserved for future homeowners.”

Purchase Price Assistance offers up to $60,000 to help reduce costs for buying housing cooperative units or properties under community land trusts or deed restrictions. Homebuyers earning up to 120% of the Area Median Income are eligible.

The Acquisition Support track provides funding for co-ops and CLTs to increase permanently affordable units in Chicago. It offers up to $100,000 per unit for acquisition-related expenses. To qualify, 51% of units must be priced affordably for households at 80% AMI or below.

“TRP is proud to partner with Mayor Brandon Johnson, the Chicago Department of Housing (DOH), and Chicago Community Loan Foundation (CCLF) to create a better future for Black and Brown families," said Kristen Komara from TRP. “We believe that everyone deserves safe and affordable housing."

“The Chicago Community Loan Fund is honored and enthusiastic to serve as a program administrator for the Shared Equity Investment Program,” expressed Calvin Holmes from CCLF. “We are proud to participate in strengthening an equitable economy."

Applications opened on October 29, 2024. More information can be found at Chicago.gov/SEIP.

Community Land Trusts ensure long-term stewardship of land while selling or leasing housing units. Co-ops allow buyers to purchase shares in developments while maintaining affordability over time.

Further details about OREJ’s work can be accessed at chicago.gov/CommunityWealthBuilding.