Downers Grove Housing Talks to Continue

  

Affordable housing is a concern for everyone in the real estate business.

Creating and maintaining the availability of affordable housing within the village of Downers Grove, IL has been a topic of recent discussion by a nine member Ad Hoc housing committee set up by the village to study the issue. Downers Grove is an established suburb located 18 miles West of Chicago:

http://www.downers.us/

Last month in a majority vote by the city council of 6 to 3, it was decided that there was an adequate stock of affordable and attainable housing within the village.

The village defined “attainable housing” as housing for those who make more than 80 percent but less than 120 percent of the median income.

An extensive report commissioned by the village and conducted by Anderson Economic Group LLC found that the village has a high rate of tear-downs which is a primary reason for increased property values. The report found that “There is a clear need for housing that is more affordable than what exists in most of the established neighborhoods near the downtown”.

The report goes on to suggest solutions for providing more affordable housing within the town.

Please e-mail me for a copy of the Anderson Economic Group report at: mikes@milstonerealtors.net

Village officials have agreed that they would be open to letting a Total Community Development group examine the committee’s compiled data.

Commissioner William Waldack said that the village should not put a great deal of emphasis on a snapshot of the current housing stock, but rather the larger picture and what the future could possibly hold.

Mayor Ron Sandack said that the housing committee’s report is a valuable tool and should be used while examining the issue in the future.

Officials continue the discussion on May 13th.

My thoughts are that by continuing to discuss and study the issue of  maintaining and providing more affordable housing, Downers Grove is taking the right steps to diversify the population and various income levels within the town, which will only help create a more vibrant and interesting place to live in.

Downpayment Assistance Programs (Free Money)

For anyone who has wanted to purchase their own home, the hardest obsticle to overcome is saving up the money for the downpayment. This single factor alone probably delays a lot of people from doing it and they continue to pay rent, and try to save the cash so one day they may be able to buy that property that they have always wanted to - be it single family with a nice backyard and room to roam, or a condo with the luxury of common amenities and freedom from outside maintainance. What ever the preference is, the goal should be to buy a home and start accruing some equity and wealth instead of paying the landlord forever. Now don’t get me wrong, rentals are and always have been a great place to start. Very few people after leaving their parents home or college, immediately purchase their first home. That is something you work up to. Anyway, that being said, here is a program that we have been using for our clients who have not been able to amass the amount of money needed for a conventional 20% down payment. This program is not just for the first time homebuyer, it is for everyone. A FHA mortgage requires as little as 3% down payment and coupled along with a downpayment assistance program which consists of asking the seller to contribute up to 6% of the sales price of the home towards the buyers downpayment = home purchase with little money down. You still have to have some of your own money to offer for the earnest, and be able to qualify for a FHA loan. Now the seller can not directly give the funds for down payment to the buyer, but the downpayment can come from a third party gift - that is where the downpayment assistance program comes in -  here are a couple of links to DPA websites - check them out and see how it works.

The Nehemiah program: www.getdownpayment.com

The Ameridream program: www.ameridream.org

About Milestone Realtors

Hey we’re glad you are here! If you are looking for first time homebuyer info look no further. Milestone is a small independent real estate brokerage company located in Downers Grove IL. that wants to help people purchase thier own home to live in. With the number of homes available on the market, and the interest rates as low as ever, now is a GREAT time to purchase. Down payment assistance programs for low and intermediate income buyers can get you into your own home with as little as $1000 earnest money with a fixed 30 year mortgage. Any questions? Anyway, because of the company size of Milestone Realtors we consistantly provide individual attention to each of our clients no matter what thier real estate needs are. If you are looking to rent, sell, purchase, etc….. We work one on one with our clients to help them create thier own real estate milestone. Anyway we have a sweet tooth for real estate related topics and would love to hear from you, so please leave your comments. Also - here is a link to our website: www.milestonerealtors.net