Chicago Housing Authority Unveils Innovative Down Payment Assistance Initiative

Samantha Stokes’ journey to homeownership has been deeply rooted in her determination and unwavering commitment to break free from the hardships of her upbringing. Growing up as one of four children in a household with hard-working parents, Samantha witnessed the struggles her family faced to make ends meet, even experiencing eviction as a child. Those challenging moments left an indelible mark on her, and she vowed never to endure such hardships as an adult.

Now, Samantha Stokes stands as a testament to her resilience and the transformative power of the Chicago Housing Authority’s (CHA) new Down Payment Assistance (DPA) program. She made history as the first CHA resident to close on a home through this program, marking a significant milestone in her life. The DPA program is designed to fulfill the dreams of residents like Samantha by offering a forgivable grant of up to $20,000, bringing them one step closer to homeownership.

Samantha, who works as a case manager, officially became a homeowner on October 4, achieving a goal she had harbored since childhood. “It really didn’t hit me until the keys were in my hand, and I walked in and thought: ‘This is mine, finally,'” she shared.

Tracey Scott, CEO of CHA, emphasizes that homeownership is a key avenue for residents to fulfill the agency’s mission of empowering families to unlock their economic potential, lift themselves out of poverty, and create generational wealth that revitalizes communities. Scott believes that when families in subsidized housing become homeowners, it opens up more opportunities for individuals on CHA’s waitlists to access housing. The DPA program represents an innovative tool in CHA’s arsenal to achieve these goals.

The DPA program complements CHA’s Choose to Own (CTO) initiative, launched in 2002, which allows qualified residents to use their CHA subsidy toward a mortgage for up to 15 years. Since its inception, CTO has facilitated over 800 home purchases in Chicago.

To qualify for the DPA program, participants must meet specific criteria, including earning no more than 80 percent of the Area Median Income (AMI) and being first-time homebuyers. Participants who benefit from the DPA program eventually transition into CHA’s Alumni Network, where they continue to receive support and guidance.

Jimmy Stewart, the DPA Program Manager, highlights that the program targets families who are eligible for homebuying loans and are ready to take the next step. He acknowledges that many participants are apprehensive about that next move and the financial responsibilities it entails. By combining the grant assistance provided by the DPA program with other down payment assistance initiatives, the financial burden becomes more manageable, and participants gain confidence in their ability to sustain their mortgage payments.

Samantha Stokes, a single mother who had previously relied on a Housing Choice Voucher (HCV), underscores the significance of programs like DPA for individuals like herself. She represents a group that falls just above the low-income threshold, often struggling to access resources or benefits. The DPA program, according to Samantha, offers that vital nudge and assistance required to achieve life’s aspirations.

Samantha applied for the DPA grant in late August and received approval within a month. The joy of becoming a homeowner is profoundly evident when she talks about her 14-year-old daughter’s reaction to their new home. The newfound space, a backyard, a washer and dryer in the home, and an extra bedroom have brought immense joy to her daughter.

With the keys to her new home in hand, Samantha is now extending a helping hand to family and friends, encouraging them to explore homeownership opportunities. She emphasizes that it’s not limited to CHA residents; anyone who meets the qualifications can apply.

For Samantha, being the inaugural participant in the DPA program is an extraordinary honor and a testament to her determination. She concludes by expressing her appreciation and disbelief that she is now a homeowner.

The Chicago Housing Authority’s Down Payment Assistance Program, with participants like Samantha, is not only making homeownership dreams come true but also illuminating the path for others to follow. For more information about CHA’s DPA program, visit their website at www.thecha.org/HOME.