This program is designed to help eligible employees achieve homeownership through education, personalized guidance and up to $15,000 in down payment assistance.
What is the Employer-Assisted Housing Program(EAHP)?
The EAHP is a Governors State University employee benefit designed to help eligible employees achieve homeownership through education, personalized guidance and up to $15,000 in down payment assistance. Neighborhood Housing Services of Chicago (NHS), a nonprofit HUD-Approved Housing Counseling Agency, administers the program and provides employees with homebuyer education, confidential financial counseling, and assistance in navigating the home buying process.
Who is eligible for the program?
To be eligible, you must meet the following requirements:
- Be a full-time or part-time employee who has
completed at least six months of satisfactory service at Governors State
University.
- Be a first-time homebuyer.
- Purchase a home you will live in within a five-mile radius of the GSU campus.
- Have a household income within the following
range. Your household includes all people who will live in the home you
purchase through this program. Your household income includes the income of all
adults who will live in the home.
Maximum Income Eligibility Requirements for the program:
Household Size | 1
person | 2
person | 3
person | 4
person | 5
person |
Maximum Income | $87,600 | $100,080 | $112,560 | $125,040 | $135,120 |
Source: Illinois Housing Development Authority. Based on 120% of the Area Median Income (AMI). Subject to change.
What steps do I need to take to participate in the program?
- Step 1: Complete the Eligibility Application and return to Human Resources.
- Step 2: Human Resources will contact you by phone and email to discuss the next steps.
- Step 3: Complete the NHS Homebuyer Education Seminar.
- Step 4: Meet with a NHS Homeownership Consultant.
- Step 5: Move forward in the home purchase process under the guidance of your Homeownership Consultant.
What is the Home Buyer Education Seminar?
NHS offers a comprehensive 8-hour Homebuyer Education Seminar to prospective homeowners. This seminar will help you learn about the home buying process and make smart choices about one of the largest purchases you may ever make. Completion of homebuyer education seminar with NHS is a program requirement.
NHS offers multiple virtual and in-person seminars monthly throughout Chicago free of charge. NHS will issue a certificate of completion at the end of the seminar. Your assigned Homeownership Consultant will guide you to register for the seminar before your appointment is completed.
In addition, NHS will provide an individual consultation to analyze your financial situation and readiness to qualify for a mortgage. They will work with you to develop an action plan to address any barriers to achieving homeownership.
What is included with the counseling?
Your consultant will create an Action Plan, outlining your next steps to prepare for homeownership. Throughout the homebuying process, your counselor will be available to help you implement your Action Plan – saving, shopping for a home, applying for a loan, and closing the loan.
How does the down payment assistance work?
The down payment assistance is provided at the time of home purchase (the closing) in the form of a five-year forgivable loan. A portion of the loan is forgiven each month over the five-year term, provided you meet program requirements: You must continue to work at GSU, live in the home as your primary residence, and own the home. If, at any time during the five-year period, your employment ends for any reason, you sell your home, or it is no longer your primary place of residence, you will be required to repay the remaining balance of the forgivable loan.
The funds are limited, and employees are eligible to participate on a first-to-qualify basis under the program requirements. Once you have met the program requirements and provided an executed purchase contract, funds will be reserved on your behalf for 90 days as you move towards closing on the purchase.
Do I have to purchase in a certain community?
Yes. Employees may purchase in any eligible community of their choice based on program guidelines. The property must be the primary residence of the employee and remain the primary residence until the sale or transfer of the property. Funds will be subject to repayment if it is found that the property is not the primary residence.
Where and what type of home can I buy?
The program allows you to purchase a home or condominium in an eligible community. Following the purchase, you must live in the home, and it must be your primary residence. The eligible communities are: University Park, Chicago Heights, Crete, Frankfort, Matteson, Monee, Olympia Fields, Park Forest, Richton Park, South Chicago Heights, and Steger.
What if I am not interested in buying a home, but I do rent, or plan to rent, near work?
This Employer-Assisted Housing Program is currently focused on homeownership. However, the program may expand over time to include other options, such as rental assistance or individual development accounts, if there is demand.
What if I already own a home?
This Employer-Assisted Housing Program is currently focused on homeownership. However, the program may expand over time to include other options, such as rental assistance or individual development accounts, if there is demand.
Can I rent out the home I purchase through this program?
No. This program is offered to help Governors State University employees to become homeowners. Employees using this assistance to purchase a home must continue to live in the home to be considered eligible for the benefit.
I’m interested in homeownership, but I’m not sure if I’m ready. What can I do?
NHS of Chicago can provide counseling that helps you to understand and prepare for the many responsibilities of homeownership. Fill out an Employee Application Form to meet with an NHS representative in order to talk more specifically regarding whether this program can help you to purchase a home.
What happens if I leave Governors State University (or otherwise become ineligible) after participating in the program?
If, at any time during the five-year period, your employment ends for any reason, you sell your home, or it is no longer your primary place of residence, you will be required to repay the remaining balance of the forgivable loan.
Download and Print Info Sheet and Application
Questions about the program?