Homeownership Incentive

NWSP offers down payment incentives to residents currently renting in the Near West Side and employees of Near West Side businesses who would like to live in the area. Down payment incentives of $3,000 are available to assist eligible homebuyers with the purchase of homes in the seven Near West Side neighborhoods. Participants will receive both financial and technical assistance as part of the program.

To qualify for a Homeownership Incentive, the applicant must:
  • Be a current renter in good standing in the Near West Side -or- be employed at Near West Side business;
  • Agree to purchase a home in one of the seven the Near West Side neighborhoods;
  • Agree to occupy that home as their primary residence; and
  • Agree to participate in a homebuyer education program.