Pilsen Stay in Place

What is the Pilsen Stay in Place Forgivable Loan?
The Pilsen Stay in Place Forgivable Loan helps prevent displacement and preserve affordable homeownership for low- and moderate-income residents of Pilsen and the broader Lower West Side. The program provides funding for essential repairs to eligible 2–4 unit owner-occupied buildings, ensuring they remain safe, habitable, and affordable for years to come.

How It Works:
• Provides up to $60,000 in assistance for eligible repairs.
• Structured as a 0% interest, 5-year forgivable loan.
• The loan is fully forgiven after 5 years if all program requirements are met.

Who Qualifies?
Applicants must meet the following criteria:
• Location: Property must be within the Pilsen community in Chicago. Check if you are in the qualifying area: View the Target Area Map or use the Single Address lookup .
• Occupancy: Must be owner-occupied and remain so for the full 5-year compliance period.
• Property Type: 2–4 unit residential buildings in need of essential health, safety, or habitability-related repairs.
• Income: Household income up to 120% of Area Median Income (AMI).
View the 2025 AMI Chart
• Credit & Income Review: We will review your credit history and household income to ensure the property is affordable and financially sustainable for you.
• Education Requirement: Completion of a 2 hour session with a TRP Housing Stability counselor. 

What You’ll Need to Apply

• Valid government-issued ID (driver’s license, REAL ID, passport, or ITIN).
• Proof of income (tax returns, W-2s/1099s, recent pay stubs, bank statements, Social Security/pension award letters, etc.).
• Homeownership documents (e.g., current mortgage statement, proof of homeowner’s insurance), with evidence that you have owned the property for at least 10 years.
• Scope of work, including at least three (3) written estimates
• Completed Affidavit Concerning Household Size and Income (provided by TRP)
• Additional documentation may be required depending on your specific situation

How to Apply
1. Click Apply Now to complete the online form.
2. Meet with a member of TRP’s Homeownership Counseling Team.
3. Submit all required documents.
4. Provide a project summary or scope of work that includes at least three written quotes from licensed and bonded contractors.
5. Project review conducted by TRP and Jackson & Green, the program’s construction consulting firm.
6. If approved, receive a Conditional Commitment Letter outlining terms of the forgivable loan.
7. If funding is exhausted, eligible applicants may join the waitlist.
8. Sign a Forgivable Loan Agreement that includes a 5-year occupancy and rental affordability requirement for tenants.
9. Loan is forgiven in full at the end of the 5-year compliance period if all requirements are met.

Frequently Asked Questions:

• How is the loan amount determined?
  Based on the scope of work and benefit to occupants.
• Do I have to repay the loan?
  No, as long as you meet all program requirements for 5 years.
• What happens if I sell or move before 5 years?
  You will be required to repay a prorated portion of the loan.
• What happens if the program runs out of funds?
  A waitlist will be activated.
• Can family members of TRP staff apply?
  Yes, but they must disclose via HADS and cannot be part of the program administration team.

Resources:
Downloadable Checklist
Affidavit Concerning Household Size and Income

Questions or need assistance??
Call us: 312-666-1323
Contact TRP Lending
Visit our office Monday through Friday, 9am to 5pm
1818 S. Paulina St. Chicago, IL 60608.
TRP and/or TRP Lending, LLC reserve the right to request additional information or documentation; to conduct additional review of the applicant and property; and to approve or deny any application.