Gretchen wanted to move back to Chicago from Florida to be near her children and grandchildren. She needed to buy an affordable home to ensure that if she has to stop working soon she will be able to live on her social security benefit. Gretchen looked at other units in this condominium building, but all needed to be updated. She was thrilled when this unit became available as it was both updated and affordable.
She is under 80% AMI, but did earn enough gross income in the prior year to obtain a bank loan; that loan, coupled with closing cost assistance from IHDA, allowed her to purchase the property for $1,400 down and she will only pay a $600 monthly mortgage, which includes assessments and taxes. Gretchen completed homebuyer counseling and was ecstatic to move into her new home.
NCST community buyer, KeySay, purchased this vacant studio condominium unit and completed more than $17,000 in renovations including a totally updated kitchen with new appliances, updated bathroom, new wood panel flooring throughout, updated closets, walls and ceiling repaired, fresh paint throughout, smoke detectors installed, replaced electrical outlets and switches, plumbing repairs, and serviced the HVAC system.
The building has amenities that Gretchen will enjoy such as laundry and exercise rooms, plus an outdoor pool. It is also located just minutes from a nearby forest preserve, the village’s downtown area, and just one block away from a Metra train stop.