City incentives campaign hits... A home run

Home buyers can save thousands of dollars through a variety of incentives that recently have been neatly wrapped into an easily understood new campaign by the city -- "Find Your Place in Chicago" -- designed to turn Chicagoans into homeowners.

Despite the flagging economy, now might be a perfect time to buy a home through these programs. Buyers could see savings of as much as $60,000 under an incentives package put together for the campaign, which is designed to fuel home, town house and condo sales in targeted, emerging mixed-income neighborhoods on the Near West, North, West, Near South, Southeast and Far South sides.

"The campaign is a great opportunity to highlight new and existing housing in Chicago neighborhoods," said Ellen Sahli, commissioner of the Department of Housing. "With all this talk about our economy, it scares buyers and leads them not to buy. But, now is really a good time buy. Chicago has great neighborhoods and great real estate and there are many great products [housing] out there at this time."

Although one of the incentives, a federal tax break, is good on any home anywhere, targeted communities for the other programs include: Avondale, Logan Square, West Town, North and South Lawndale, New City, Woodlawn, Douglas, South Shore, Kenwood and Humboldt Park. Also included are: Englewood, Auburn/Gresham, Beverly, West Pullman, Oakland and New City.

One of the best deals at the moment may be from the Partnership for New Communities organization, which is providing a $10,000 grant (you don't have to pay it back) to buyers who purchase a new or rehabbed residence in developments in targeted mixed-income city neighborhoods. Buyers can use the money for whatever they want, including down payments and closing costs. There are no income eligibility requirements for the special incentive; however, the homes must be priced at under $450,000 at participating developments. Only 100 grants are available.

COMMUNITY SUPPORT

Under the campaign, buyers opting for one or more housing incentives may choose from nearly 200 available residences priced from $150,000 to $450,000. They include new or rehabbed single-family homes, townhomes, condominiums and two-flats at participating developments. For example, a participating development in the The Partnership for New Communities grant program is Oakwood Shores, a 94-acre South Side, mixed-income community developed by Granite Development Corp., MB Real Estate and UJIMA Venture. It's being built along Oakwood Boulevard (39th Street) between Langley and Ellis avenues.

Darrel and Jennifer Nabers, and their 5-year-old son, Darius, have been shopping for a home for the past several months. The couple is currently considering purchasing in Oakwood Shores or Renaissance Estates (a townhouse development at 12201-55 S. Justine). Both developments offer incentives through the Find Your Place in Chicago campaign.

"We've lived in this area for three years and want to continue to live here, and it's interesting as we shop to see how many different things are being done to encourage development and confidence in the community," said Darrell Nabers, 39, an analyst for the University of Chicago. Jennifer Nabers is a teacher at the Latin School of Chicago.

"We don't qualify for some of the incentives because we make too much money," Darrell said. "The more money you make, the less the incentive. Part of our frustration is that you are required to make a moderate wage, which we don't. So, most of the incentives we qualify for are from the lenders and developers. Incentives are supposed to help the middle class afford homes, but most of these incentives are targeted to lower income buyers. However, we do qualify for the $10,000 grant for first-time buyers, so that's nice."

Row homes, townhomes and condominiums in the first two phases of Oakwood Shores currently are priced from $299,900 to the $534,900, and nine completed homes are ready for immediate occupancy, according to co-developer Joseph A. Williams of Granite Development.

(For more information call 773-538-0001 or visit www.oakwoodshoreschicago.com.)

SAVED $80,000

Also on the South Side, 23-year-old Aaron Mays recently saved about $80,000 through multiple incentives in the Find Your Place in Chicago program to buy a one-bedroom condo at Lake Park Crescent, a town house development at 41st Street and Lake Park. Mays closed on his condo in Oct. 30 and moved in the same day.

"I got a $10,000 grant which was applied to closing costs and loan and lawyer fees. It was wonderful. Oh my God, it was such a blessing to stumble upon these incentives," Mays said. "I had been looking at a condo at Lake Park Crescent and was just ecstatic to find these financial incentives in place."

As for qualifying, Mays said his annual income just made it. "I was just under the limit to qualify," he said. "I feel so lucky. I come from an African-American family that believes in home-ownership. So, it was important for me to buy. Today, thanks to the incentives I own a prime piece of real estate. I have a beautiful view of the downtown skyline and a few blocks east is a beautiful park along Lake Shore Drive. It's great."

(For information on Lake Park Crescent, call (773) 268-0400, or visit www.lakeparkcrescent.com.)

Photo: Brian Jackson, Sun-Times / Aaron Mays stands in the doorway of his Lake Park Crescent town house, which he bought with the help of Find Your Place in Chicago housing incentives. "I was just under the limit to qualify," he said. "I feel so lucky." ; Photo: Keith Hale, Sun-Times / Darrell Nabers (right) and his wife, Jennifer, survey a model home at the Oakwood Shores development, which lies within a targeted area in the "Find Your Place in Chicago" campaign. ; Photo: Brian Jackson, Sun-Times / Aaron Mays, 23, poses in the kitchen of the one-bedrooom condo at Lake Park Crescent that he bought through the Find Your Place in Chicago program. He closed on his property Oct. 30 and moved in the same day. ;