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Apr. 9th, 2008 11:09 amSome of you know that I've been looking into buying a condo sometime this summer. I've attended classes, gotten pre-approved for a mortgage, applied for and gotten committment from the City of Chicago for low-income first-time homebuyer assistance.
One of the programs I qualify for is called CPAN - Chicago Partnership for Affordable Neighborhoods. Basically they are a tit-for-tat program. Say a developer wants a favor from the alderman or the city - a zoning change, an expedited permit, etc. The city then says "OK, but in exchange you have to make x% of the units available at a price determined by the median income in the area".
There is a building with CPAN units opening up at 7645 N Sheridan. I was scheduled to go look last weekend, but then I mucked up my ankle. And I would have been looking at 1br, as the 2br were just not going to happen not matter HOW hard I squeezed the numbers.
Well, since then the prices have come down, and a 2br is now JUST within my reach. (The way the other half of this program works is that if I spend LESS than my full committment I get less grant money. So it behooves me to find a unit as close to the max committment as possible with a monthly assessment that won't kill me. This would be exactly my max committment)
I already know the neighborhood very well, as this place is about 5 blocks from where I live now. It has pretty much everything on my list of things I want - hardwood floors, walk to train/bus and grocery, reasonable assessments, etc. The only negative is that I'd probably need to close about 2-3 months sooner than ideal, so I'll have to deal with paying to get out of my lease early. But if it's that nice a deal, I'll make it work somehow.
Anyone have a recommendation for a home inspector?
One of the programs I qualify for is called CPAN - Chicago Partnership for Affordable Neighborhoods. Basically they are a tit-for-tat program. Say a developer wants a favor from the alderman or the city - a zoning change, an expedited permit, etc. The city then says "OK, but in exchange you have to make x% of the units available at a price determined by the median income in the area".
There is a building with CPAN units opening up at 7645 N Sheridan. I was scheduled to go look last weekend, but then I mucked up my ankle. And I would have been looking at 1br, as the 2br were just not going to happen not matter HOW hard I squeezed the numbers.
Well, since then the prices have come down, and a 2br is now JUST within my reach. (The way the other half of this program works is that if I spend LESS than my full committment I get less grant money. So it behooves me to find a unit as close to the max committment as possible with a monthly assessment that won't kill me. This would be exactly my max committment)
I already know the neighborhood very well, as this place is about 5 blocks from where I live now. It has pretty much everything on my list of things I want - hardwood floors, walk to train/bus and grocery, reasonable assessments, etc. The only negative is that I'd probably need to close about 2-3 months sooner than ideal, so I'll have to deal with paying to get out of my lease early. But if it's that nice a deal, I'll make it work somehow.
Anyone have a recommendation for a home inspector?
