Micro-Market Recovery Program
We’re excited to announce that South Shore has been designated as one of the target areas for the Micro-Market Recovery Program (MMRP). The O’Keefe area of South Shore will be the recipient of program resources, including up to $15,000 down payment assistance for new homeowners. The South Shore MMRP not only provides purchase assistance for new homeowners it will assist our valued current residents through partnering with companies and organizations who will provide home improvement grants, free energy efficiency/weatherization services, developer assistance, and so much more.
We also want to welcome a new member to the NNA family, Tammy McCann-Simpkins, MMRP Housing Coordinator.
What is an MMRP?
The Micro Market Recovery Program (MMRP) is an initiative of the Department of Housing that assists in rebuilding distressed Chicago communities by reducing the cost of homeownership, creating communities of choice, and attracting new owners to vacant buildings on targeted neighborhood blocks.
The South Shore neighborhood's O'Keefe area (see map below) is the latest community to be added to the City of Chicago's MMRP. South shore is unique in the MMRP areas because of our large amount of Shared Ownership Properties, such as condominiums and co-ops.
Despite the allure of the vintage charm and famed architecture, the costs associated with deferred maintenance and aging, are crippling to the homeowner’s associations. In South Shore many of the residents are seniors with fixed incomes. These risk factors, among others, can contribute to the devaluation of properties, loss of homeownership, and ultimately displacement.
Am I Eligible?
To qualify for a MMRP Purchase Assistance Grant:
You must be a first- time homebuyer or not owned a home in the previous three years.
You must plan to live in the home you are purchasing.
Homes must be single family (up to 4-unit) homes or a condominium.
You must have a purchase contract signed by both parties and a pre-approval from a lender
Meet household income requirements. See income eligibility chart below.
Attend a HUD certified 8-hour in-person or on-line Home Buyer Workshop.
If purchasing a 2-4 unit property, attend a Landlord Training that includes information on the Cook County Landlords Ordinance.
You can pair the grant with either a Conventional Loan or FHA financing.
How Much Should I Make?
MMRP Purchase Assistance Grants are available to low and moderate-income households earning up to 140% of the Area Median Income (AMI) for the Chicago Metropolitan Area as determined by the U.S. Department of Housing and Urban Development towards home purchase using a conventional loan and for households earning up to 115% of AMI for purchase using an FHA loan.
Please see table below to determine if you meet the income eligibility requirement. Household size and income will be verified by using tax returns and other financial documents during the application process. Please refer to the list of required documents you will need to complete the application process.
If you are not sure about your income eligibility, please call NHS Client Services at 773-329-4111 or email Grants@nhschicago.org.
140% Area Median Income
115% Area Median Income
(Area Median Income (AMI) for the Chicago Metropolitan Area effective as of April 18, 2022, per the U.S. Department of Housing and Urban Development.)