UPTOWN CHICAGO COMMISSION

Affordable Condo Program (CPAN)

In 2002, the Chicago Department of Housing launched a program referred to as CPAN (Chicago Partnership for Affordable Neighborhoods). It assists moderate income residents in purchasing market-rate condos.

In 2003, approximately 50 Uptown condos were made available through this program. There are several Uptown condo developments underway which will provide additional units in 2004. The 2003 affordable condo price tag was between $140,000 and $155,000, well-below the area's market price.

To qualify, residents must meet several requirements:

• Earn 100% or less of the Chicago area median income (currently $52,800 for a household of one; $60,300 for a household of two; $67,900 for a household of three; $75,400 for a household of four; etc.)
• Attend pre-purchasing counseling sponsored by city-funded agencies and obtain a certificate of completion
• Participate in a lottery for available units
• Obtain a first mortgage

To obtain more information and register for pre-purchase counseling, please contact Brian White, Executive Director of the Lakeside Community Development Council at 773-381-5253.