City of Chicago Shared Equity Investment Program (SEIP) Purchase Assistance

To qualify for the SEIP Purchase Price Assistance Program:

The property must be in Chicago.
You must live in the home you are purchasing for at least five years.
Property must be a Housing Cooperative Unit, Community Land Trust Unit, or a Deed-restricted affordable unit.
You must have a purchase contract signed by both parties and a pre-approval from a lender for a fixed interest mortgage loan (15 or 30 years).
Must complete an 8-hour HUD-approved homebuyer education class.
If purchasing a 2 to 4-unit property, attend a Landlord Training that includes information on the Cook County Landlords Ordinance.
Must provide Evidence of Community Land Trust (CLT) or Housing Coop specific training.
Must meet household income requirements. See income eligibility chart below.
Must pass city scofflaw check (no outstanding City of Chicago debt such as unpaid fines, tickets, etc.)

SEIP Purchase Price Assistance is available to households earning up to 120% of the Area Median Income (AMI) for the Chicago Metropolitan Area.

Please see the table below to determine if you meet the income eligibility requirement.

Household size and income will be verified using tax returns and other financial documents during the application process.

If you are not sure about your income eligibility, please call The Resurrection Project (TRP), at 312-666-1323 or contact us here.

(Area Median Income (AMI) for the Chicago Metropolitan Area effective as of April 1, 2024, per the U.S. Department of Housing and Urban Development.)

Identification: (Submit one ID document for ALL buyers – everyone on title or share certificate)

• Government-Issued Driver’s License or REAL ID or State ID Card

• US Passport

• ITIN (Individual Taxpayer Identification Number) letter, if applicable  

Proof of Income: (Submit documents to show all sources of income for all buyers)

• Two most recent years of Federal Income Tax Returns with all schedules attached for all household members 18 years of age and older. Illinois State Tax Returns are NOT needed.  

• Two most recent years W-2 or 1099 statements for all household members 18 years of age or older (from all employers).

• Three most recent (past 30-days) paystubs for all household members 18 years of age or older (from all employers)

• Most recent year Social Security award letter showing the MONTHLY amount awarded for all household members 18 years of age or older that receive Social Security income.  

• Most recent year Pension Statement showing the MONTHLY amount awarded for all household members 18 years of age or older that receive pension income.  

• Include all documents that state income from Child Support, Disability, and Survivorship benefits for dependents under the age of 18.

• Notarized letter of no income certifying that there was no income or unemployment income for any applicable household members 18 years of age or older. The letter must be signed by the household member declaring no income.  

• Notarized letter if you do not file Federal Income Tax Returns due to being on a fixed income (i.e., on Social Security and/or a pension) for all household members 18 years of age or older. Letter must be signed by the household member declaring they do not need to file tax returns.  

• 3 most recent months of Bank Statements  

• Affidavit Concerning Household Size and Income

Home Purchase Documentation:  

• Executed Purchase Sales Contract or Housing Co-op Purchase Agreement (signed by borrower & seller) with evidence of 1% buyer contribution (i.e. earnest money)

• Lender Pre-Approval Letter, if applicable  

• Home Inspection Report 

• Coop and CLT specific documents:  

• Community Land Trust (CLT) bylaws, Articles of Incorporation, and Ground Lease  

• Housing Co-ops: Co-op Questionnaire,Co-op Bylaws, Articles of Incorporation, list of Board of Directors, last year’s financial statements, this year’s budget, and YTD financial statements; and Draft Proprietary Lease.  

Please note, Co-op Questionnaire needs to be completed by a member of the co-op board of directors.

Training Certificates:  

• Homebuyer Education Certificate  

• Landlord Training Certificate (if property being purchased has 2 or more units)  
• Evidence of CLT or Housing Co-op training  

Conflict of Interest: 

• Signed Homebuyer Affidavit Disclosure Statement (HADS) 

Downloadable Required Documents Checklist