Frequently Asked Questions

What is the Employer Assisted Housing Program?

The Employer Assisted Housing Program (EAH) is an exciting benefit offered by City Colleges of Chicago to its full-time employees to assist them with the purchase of their first home within the City of Chicago. The City Colleges of Chicago will provide assistance in the form of a forgivable loan to help employees with closing costs/down payments on a home.

What employees are eligible?

All full-time employees of the City Colleges of Chicago that are first-time homebuyers with a household income not greater than 120% of the area median income.  Please contact the Rogers Park Community Development Corporation for the most recent publication.

Are full-time employees covered by a collective bargaining agreement eligible?

Yes.

What properties are eligible?

The home must be located within the City of Chicago.  Eligible properties include single family, duplex or multiple use properties, or condominiums.

What are the benefits being offered?

The EAH Program provides financial assistance in the amount of $3,000 for the purchase of a home within the City of Chicago or $7,500 for the purchase of a home in the new Mixed Income Developments, and credit counseling and homebuyer education provided by the Rogers Park Community Development Corporation.

How must I use the money?

The EAH benefit must be used for a down payment or any of the customary closing costs associated with the purchase of the home.

What is a forgivable loan?

The EAH benefit is in the form of a forgivable loan. One sixtieth (1/60th) of the amount of the loan will be forgiven each month over a five year period, provided you have fulfilled all of your requirements under the program. At the end of five years, your obligation to the City Colleges of Chicago will be extinguished.

What must I do to have the loan forgiven?

You must remain as a full-time employee of the City Colleges of Chicago and continue to own the house and live in it as your primary residence for the five year period.

Do I have any other obligations?

At the time you receive the benefit, you will sign a promissory note in which you agree to repay the benefit if certain events happen within five years. That note will be secured by a second mortgage on the home that will be signed and recorded at the time you close on the house.

When do I receive the EAH benefit?

The money granted to you will be wired to the title company at the time you close on your purchase.


What happens if I decide to sell the house within five years?

The amount of the loan that has not been forgiven will be due and payable upon the sale of the house.

What happens if I no longer work for the City Colleges?

The amount of the loan that has not been forgiven will be due and payable upon the time of your termination, resignation or retirement.

I currently own a house within the City of Chicago but want to move to another house within Chicago. Do I qualify for the program?

No.

Is there a limit to the number or amount of EAH loans to be made by the college?

Yes, but as this is a new program, we are still trying to ascertain interest and demand for the benefit so that we can budget properly for the program. We will try and accommodate all employees but it may be necessary to place a limit on the loans. If a limit is established, we will let employees know. For the time being, the benefit is available on a first come, first approved basis.

Before the EAH Program began, I bought a home within the City of Chicago. I am refinancing my mortgage. Will I now qualify for the EAH Program?

No, refinancing your home does not make you eligible for the EAH Program.