Apr 18, 2009 5:32 pm US/Central
Home-Buying Incentives in 5 Chicago Developments
CHICAGO (CBS) ―
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Oakwood Shores is just one of five Chicago area developments providing first-time home buyers incentives to move in.
CBS
Imagine being handed thousands of dollars to buy a home – no strings attached, and experiencing the pride of ownership. It's happening in five developments across Chicago. As CBS 2's Suzanne Le Mignot reports, it's making first time home buyers very excited.
Tamiko Britton wants to buy a house in the Oakwood Shores development. The single mother of eight-year-old son Tyson, would be the first person in her family to own a new home.
"It's a plus to utilize my money towards something that's for me rather than some said homeowner or landlord," Britton said.
As a first time homebuyer, Britton is also looking at the incentives being offered to make her dream of home ownership a reality. Until April 29, five developments in the city are giving buyers $15,000 for their down payment regardless of income.
First time buyers, who haven't owned a home in three years, are eligible for a tax credit of up to $8,000. Those who qualify can be in a new home with just three percent down.
These new mixed income homes complete with appliances and parking are being sold for between $235,000 and $400,000. Oakwood Shores is near 37th and Cottage Grove. It is an area going through change. Just beyond the construction area, are boarded up building and littered vacant lots.
"This is an area in transition and there could be some concern for people who want to take a step and move into this area," said sales manager Monica Hernandez. "I would say to that there is a lot of invested interest from different organizations, non-profits, and business because they have a vision and investment in the neighborhood."
Among the non-profits helping to revitalize this community is The Partnership for New Communities. The organization is giving each new homeowner $15,000 towards their home purchase.
"These are people that care about their neighborhood and so I just think there's nothing but a great future ahead for these developments," said Alaina Harkness of the Partnership for New Communities.
And the sales manager says another incentive to buy in Oakwood Shores is location. If Chicago is chosen as the host city for the 2016 games, the proposed Olympic Village is just eight blocks away, and Washington Park is 12 blocks from the development.
As for Britton, she wants to call Oakwood Shores home, soon.
"Well, I hope that eventually, this will be mine," Britton said.
Homes are available in Oakwood Shores, Park Boulevard and Lake Park Crescent on the near-south side, at Parkside of Old Town on the north side and at Roosevelt Square on the near west side. The homes cost between $150,000 and $450,000. This offer is available until April 29th.
For more information, visit
http://www.findyourplaceinchicago.com/.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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