The nonprofit Far South Community Development Corporation (Far South CDC)—an organization that provides strategic community-building services to residents and businesses across Chicago’s Far South Side neighborhoods and south suburban Cook County—is making a significant impact across the region with its roster of housing support services available at no cost to residents.
Over the past 18 months, more than 550 residents have been educated and counseled through Far South CDC’s free homebuyer support programs, and more than 200 have successfully purchased their first home during this timeframe. All Far South CDC housing programs are approved by the U.S. Department of Housing and Urban Development (HUD) and counselors are HUD certified.
Far South CDC offers the following programs:
· Monthly homebuyer education workshops and ongoing 1-on-1 counseling
· Financial coaching and wealth-building seminars and counseling
· Pre-qualification events for first-time homebuyers
· Resource and networking events with realtors, attorneys, home inspectors and bankers
· Post-purchase education and counseling
· Foreclosure prevention education and counseling
· Rental education and counseling
Additionally, Far South CDC is a partner organization for the City of Chicago’s Micro Market Recovery Program, an initiative of the Department of Housing that assists in reducing the cost of homeownership for targeted neighborhood areas, including East Morgan Park and West Pullman.
For more information on Far South CDC’s homebuyer education and other residential assistance, visit farsouthcdc.org/residential-support.
Far South CDC held a home giveaway this year as an incentive to participants in its homebuyer education programs. The organization awarded a mortgage-free, three-bedroom home in Hazel Crest to South Side resident Salima Cobb-Collins, a small business owner and mother of twin boys. The home was donated to Far South CDC by Chase Home Lending.
“Far South CDC is ecstatic that, with this home donation, we were able to escalate this first-time homeowner’s goal for her family who would otherwise have been forced to rent for an extended period,” said Janece Simmons, Vice President of Community and Housing Services. “Through our roster of ongoing HUD-approved homebuyer education and counseling programs, which are open to anyone, we are helping hundreds of Chicago and suburban residents to achieve their dreams of homeownership and financial stability for their families.”
The opportunity to receive the mortgage-free home was open to Far South CDC’s first-time homebuyer clients, such as Cobb-Collins, who had begun working toward homeownership but experienced barriers that made purchasing difficult in the current market. To qualify for the home, applicants had to complete Far South CDC’s six-hour Homebuyer Education Workshop, two hours of counseling with one of the organization’s HUD-certified housing counselors, and meet specific income requirements. Additionally, applicants had to demonstrate the ability to support monthly housing expenses with ease, and agree that the property would be used as a primary residence. Far South CDC then selected a winner from among the final qualified applicants.
For Chase, awarding this mortgage-free home represents a chance to make a positive contribution to the community—making use of a vacant property to offer a life-changing opportunity for a new homeowner. As a part of their commitment to financial health and homebuyer education, Chase is connecting with nonprofit housing counselors across the country, with an aim to support the homebuying process from end to end, ultimately helping more people to become homeowners.
“We’re thrilled that this property will become a home for Ms. Cobb-Collins and her family,” said Cerita Battles, Head of Community and Affordable Lending at Chase. “While this is one home for one family, we know that homebuyer education is key to helping more people achieve homeownership. That’s why we’re focused on establishing and strengthening our partnership with nonprofits like Far South Community Development Corporation, because educated consumers become successful homeowners.”
