2022 Chicago Housing Authority (CHA) Impact Report - Report - Page 32
Building Wealth
Home Ownership Made Easy
Homeownership is a known pathway for families to unlock their economic power. It can lift
people out of poverty and create generational wealth that reinvigorates communities.
In 2023, CHA expanded homeownership options by launching the new Down Payment
Assistance (DPA) program which offers CHA residents and qualified first time low-income
buyers a forgivable grant of up to $20,000. DPA supplements Choose to Own (CTO), which
allows qualified CHA residents to use their subsidy toward a mortgage for up to 15 years.
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CHA provides families in both programs with the knowledge and tools necessary to overcome
financial barriers and achieve sustainable homeownership through expert guidance and
a supportive community, including credit counseling, home buying education, financial
coaching and more.
15
43
850
Families purchased a new home through
the Down Payment Assistance program.
Families closed on a home through the
Choose to Own program in 2023.
People have purchased homes since CTO
began in 2002.
