After being named the second-best city in America to move to by MRI Software, the City of Aurora is launching the “Choose Aurora Homebuyer Assistance Program,” aimed at helping to make the homebuying process more affordable, while attracting new residents to the City of Lights.
The program, which is funded by the U.S. Department of Housing and Urban Development Community Development Block Grant and HOME Investments Partnerships Programs, offers up to $20,000 in the form of a 0% interest deferred loan, up to a $5,000 closing cost grant, and up to a $2,000 minor repair grant for homebuyers that are at or below 120% of the area’s median income. Existing homes, single units, such as condos, townhomes, or single-family homes, and new construction homes within City limits are all eligible to be part of the program.
Homebuyers who pre-qualify for a 30-year fixed FHA or Conventional Mortgage Loan and have their offer accepted to purchase a home in Aurora may apply to the program. The application process takes an estimated four weeks before the anticipated closing date. Once approved, the property must remain the primary residence of the homebuyer, and then, once sold or when the deed changes names, the deferred loan must be repaid to the City of Aurora.
“Choose Aurora is a great way to make the homebuying process more affordable for both current residents and those who look to move into the City,” director of community services, Chris Ragona, said. “We are excited to launch the program and to help more individuals make Aurora their home.”
For more information on the Choose Aurora Homebuyer Assistance Program, please visit www.aurora.il.us/ChooseAurora. Prospective homebuyers who have additional questions about the program are encouraged to contact community services department management assistant Adam Grubbs at GrubbsA@aurora.il.us or at 630-256-3328.
—City of Aurora government