If you are looking to purchase a new condo in Chicago, market rate prices may seem to put that condo beyond your reach. But thanks to a unique partnership between the City of Chicago and real estate developers, affordable condos in market rate developments across Chicago are making homeownership possible for residents of every age, income and background.

Now in its fourth year, the Chicago Partnership for Affordable Neighborhoods (CPAN) has helped create affordable homeownership opportunities for hundreds of Chicagoans. Under CPAN, a percentage of the units in new developments are priced below market rate units, making buying a new home possible for more Chicagoans.

Additionally, through CPAN, buyers can also receive tens of thousands of dollars in purchase price assistance to help reduce the purchase price even more. And to maintain long-term affordability, the majority of the CPAN units will become part of the Chicago Community Land Trust.

How do buyers know they are eligible for a CPAN unit? To qualify, a single buyer must have an annual income of less than $52,800 and for a couple less than $60,300. Additionally, prospective CPAN buyers must complete pre-purchase counseling to assist in understanding all the ins and outs of homebuying and mortgages.

Currently available CPAN units are listed on the Department of Housing’s website at www.cityofchicago.org/housing. The list is regularly updated as new units become available.

The success of CPAN is spreading. More than 500 new affordable housing units were created. More and more developers are participating in the program, meaning that more affordable housing is being developed throughout the City. The result: Chicago communities are stronger and homeownership has become a reality for more people.

To find out more about the CPAN program and if you qualify, call 311 or visit the Department of Housing Web site at www.cityofchicago.org/housing.

Find the Home of Your Dreams in One of the City’s Great Neighborhoods at the City of Chicago’s Cavalcade of Homes

Guide Yourself through 40 Developments

CHICAGO (October 7, 2006) – Several thousand people rode across the city this Saturday – hunting for a home as part of the City of Chicago’s Cavalcade of Homes. The Cavalcade is a free, one-day series of tours of hundreds of for-sale homes, townhomes and condos at more than 40 developments, where City of Chicago investments have made some or all of the units more affordable to buyers, in 23 neighborhoods across the city.

Guests guided themselves or took a guided bus tour along one of five tours – of the North, Mid-South, Near West, Southeast and Far South Side. All tours departed from the University of Illinois at Chicago campus where guidebooks were distributed. City officials and a variety of lenders were present both at the University and at various sites to apprise buyers of the many affordable mortgage products available to them, particularly the City’s TaxSmart and City Mortgage products and the special incentives for teachers, firefighters and police personnel.

”One of the primary goals of my administration is to keep Chicago’s neighborhoods affordable for people of every age, income and background,” Mayor Daley said. “I want to help more of our residents realize the American dream of raising their families in a home of their own.”

Daley added: “I congratulate every potential homebuyer who took advantage of this opportunity to see, in just a few hours, the many fine homes available to working families in our city.”

Daley noted that the City has invested more than $3 billion in local, state and federal funds since 1989 to build, improve and maintain more than 125,000 units of affordable housing, and expects to add another 48,000 units to that total by the end of 2008 through its current five-year housing plan.

Following the tour, hundreds of guests sought out the Department of Housing partner lenders on site at the event to sign up to pre-qualify for a loan. Many hundreds more expressed interested in purchasing a home at one of the 40 development sites on the tour.

For those people who missed the tour, they are encouraged to go on the Cavalcade’s website, which will be up for a year, to search for homes. The website, www.cavalcadeofhomeschicago.org, also contains developer contact information so they can set up appointments to view the properties on their own.

The Cavalcade of Homes is a collaboration of the Chicago Department of Housing and the Chicago Department of Planning and Development, in partnership with dozens of for-profit and non-profit developers across the city.

Sponsors of the City’s Cavalcade of Homes include: Chicago Department of Housing, Chicago Sun-Times, Chicago Tribune, Comcast, Chicago Transit Authority, TimeOut Chicago, Cavalcade of Homes, Chicago Association of Realtors, Chicago Department of Planning and Development, Chicago Public Schools, Freddie Mac, The Habitat Company, University of Illinois at Chicago, and the Teachers Housing Resource Center.

Participating developers in the Cavalcade of Homes include: BL Block Development Corp., Brinshore Development, Chateau Design Inc., Claretian Associates, Cornerstone Residential Group, Draper and Kramer Incorporated, Dubin Residential, GenOne Group, Granite Development Corporation, Granite Partners for Oakwood Boulevard LLC, Greenline Development, Hispanic Housing Development Corporation, Kimball Hill Urban Centers, Kimbark-Maryland LLC, KLY Development LLC, Lawndale Christian Development Corporation, LR Development Company LLC, Near West Community CDC, NHS Development Corporation, New England Builders, New West Realty, Northern Realty Group, Rebirth of Englewood Community Development Corp, The Resurrection Project, Senior Lifestyle Corporation, South Shore Development VI, Spathies Development, Stateway Associates, Woodlawn Park II, LLC and The Woodlawn Organization.

MAYOR DALEY ANNOUNCES CHICAGO CAVALCADE OF HOMES AND HISTORIC CHICAGO BUNGALOW AND GREEN HOME EXPO

The City will offer free tours of homes for sale at affordable prices at the first Chicago Cavalcade of Homes on Saturday, October 7, Mayor Richard M. Daley announced today.

“Attractive, well-constructed, affordable homes like those on this block are available in neighborhoods across the city,” Daley said at a news conference near a condominium development at 6604 S. Kimbark Ave. that was built through the City Lots for City Living program, which offers free land to developers of affordable housing. “We want to make more people aware of the many affordable housing opportunities in Chicago.”

At the Cavalcade of Homes, prospective homeowners will take free bus tours and self-guided driving tours of 36 affordable developments in 24 neighborhoods. The housing, which includes single-family homes, condos and town houses, was built with the help of City housing programs, which provide financial incentives to developers and buyers.

Developers and City-approved lenders will be available at the housing sites and at the Cavalcade of Homes headquarters at the University of Illinois at Chicago Student Center East, 750 S. Halsted St.

The City’s Department of Housing staff will be on hand to educate prospective buyers on City-backed mortgage products and other innovative financial tools designed to help working families purchase homes in the city.

”One of the primary goals of my administration is to keep Chicago’s neighborhoods affordable for people of every age, income and background,” Daley said. “I want to help more of our residents realize the American dream of raising their families in a home of their own.

“This is good for them, and good for our city – because people take better care of their neighborhood when they have an investment in it. This makes our neighborhoods stronger, safer and more attractive, and results in a better quality of life for everyone.”

“I think every potential homebuyer should take advantage of this opportunity to see, in just a few hours, the many fine homes available to working families in our city,” Daley said. “Even if you’re not quite ready to buy, you should take the tour to learn more about the costs and advantages of home ownership. I think a lot of people will be surprised to discover that home ownership is within their financial reach.”

Daley noted that the City has invested more than $3 billion in local, state and federal funds since 1989 to build, improve and maintain more than 125,000 units of affordable housing, and expects to add another 48,000 units to that total by the end of 2008 through its current five-year housing plan.

The Cavalcade will run from 9 a.m. to 3 p.m. Tour maps will be available at the UIC Student Center East, 750 S. Halsted St. Buses will depart regularly from the student center. Reservations are required for the tour bus, and can be made online at www.cavalcadeofhomeschicago.org or by calling (312) 377-3409.

The Mayor also announced that the City and private and non-profit organizations will provide information on home remodeling and energy conservation at the Historic Chicago Bungalow & Green Home Expo on Saturday, September 30, at the Merchandise Mart.

The event combines the popular Historic Chicago Bungalow Expo and the Department of Environment’s annual Healthy, Smart & Green Products Fair. More than 100 vendors and experts will lead more than 45 workshops on subjects such as how to choose the right paint, how to apply for home improvement loans and how to rehab using environmentally responsible products.

“If you’re interested in Chicago architecture, from business or residential buildings to single-family homes, there is a wealth of information available at the Expo,” said Charles Shanabruch, Executive Director of the Historic Chicago Bungalow Association. ”If you’re a homeowner or would like to be, you’ll find everything from roofs to doors, from energy efficient technologies to stain glass restoration, and then there are the great workshops.”

Two of the nation’s leading home improvement celebrities, WGN Radio’s Lou Manfredini and home design author Marc Vassallo, will share their expertise on home improvement techniques and the latest trends in design and green building.

For more information about the Historic Chicago Bungalow & Green Home Expo, visit www.chicagobungalow.org or call (312) 822-0505.

Sponsors of the Cavalcade and Expo include the Chicago Department of Housing, Chicago Sun-Times, Chicago Transit Authority, TimeOut Chicago, Cavalcade of Homes, Chicago Association of Realtors, Chicago Department of Planning and Development, Chicago Public Schools, Freddie Mac, The Habitat Company, University of Illinois at Chicago, Abt Electronics, Arts and Crafts Magazine, AT&T, Chicago Center for Green Technology, Chicago Conservation Center, Chicago Department of Environment, CitiMortgage, Commonwealth Edison, Harris Bank, Illinois Association of Mortgage Brokers, Illinois Clean Energy Community Foundation, Illinois Housing Development Authority, LaSalle Bank, Merchandise Mart Properties, Peoples Energy, Shorebank, and Washington Mutual Bank.

Chicago Makes Home buying Easy with City Mortgage

City Mortgage Program Provides $100 million in Loans

CHICAGO – (May 10, 2006) For many people, monthly mortgage payments are a better value than paying rent, but they’re deterred from home ownership by the lack of down payment and closing costs.