Homebuyers
Homebuyer Program – NSP2
Homes for purchase are expected to be available in mid-2011. To be notified of housing opportunities, please visit LiveEvanston.net or e-mail Jolene Saul at jsaul@cityofevanston.org. A form will soon be available to sign-up for housing notifications. If you have specific housing needs such as large family size or a disability, please indicate this in your e-mail.
The City of Evanston’s $18.15 million NSP2 program will purchase and rehabilitate 100 units of foreclosed or abandoned housing in two neighborhoods in west and south Evanston to provide quality, affordable rental and for-sale housing. This page will provide important information to potential homeowners through the NSP2 program.
Who will be able to purchase NSP2 homes?
Housing is a major expense for most households, but families with lower incomes generally spend a much greater proportion of their income on housing. NSP2 is designed to help families that have to spend a disproportionate share of their income to have a decent place to live. Households with incomes at or below 120% of the area median income may be eligible to rent NSP2 homes. At least 25% of all NSP2 funds must be spent on housing that benefits households at or below 50% of the area median income. If a household’s income is at the area median, that means half of the households in the area have lower incomes and half have higher incomes. The chart below shows 50% and 120% of the average median income based on the number of people in the household. Households with incomes above 120% of the area median income are not eligible for NSP2 homes.
Could I qualify?
Start by finding the number of people in your household in the left column. Then, take the total gross income for all adults in your household. If your household income is less than the number in the far right column, you could be eligible!
|
Number of people in household* |
% of Area Median Income |
|
|
50% |
120% |
|
|
One |
$26,200 |
$62,880 |
|
Two |
$29,950 |
$71,880 |
|
Three |
$33,700 |
$80,880 |
|
Four |
$37,400 |
$89,760 |
|
Five |
$40,400 |
$96,960 |
*All persons occupying a housing unit, regardless of familial relations.
When will NSP2 homes be available?
Soon! We began rehab work on some housing units in early 2011. Depending on the work required to bring each unit to current standards and make energy efficiency improvements that are goals of the program, homes could be ready for move-in starting in mid-2011! Different units, whether single family homes or in multi-family buildings, will become available throughout the next three years. We will keep a list of people interested in NSP2 homes and let them know when homes that meet their needs are available. Anyone purchasing a NSP2 home must complete a home owner counseling program with a HUD-certified agency.
How do I find out more?
Complete listings of available stock are available at LiveEvanston.net. Be sure to click on "Key to Homeownership" to get started.