Choose To Own Home Ownership Program (CTO)

Choose to Own (CTO) is CHA’s innovative home ownership program that allows qualified families to use their vouchers to offset a portion of their mortgage—the same way they use their voucher to offset a portion of their rent. The program combines knowledgeable staff and strong community partnerships to provide families with a comprehensive support network that has created one of the most successful programs of its kind in the nation. CTO has helped hundreds of families with vouchers make the transition from renting to owning. As a testament to its approach, there have been no foreclosures.

How the Program Works

CTO families can purchase a single-family house, town house, condominium or cooperative anywhere in Chicago. Just like other prospective home owners, CTO families search for a home, have it inspected, explore financial options, secure a mortgage and close on the property. After closing, the program pays a portion of the family’s mortgage each month for up to 15 years. In addition to financial assistance, the program provides home buyer education, credit counseling and other services to help voucher families navigate the process and increase their chances of success.

Program Features

Mortgage subsidy for up to 15 years
Free legal representation at closing
Referrals to lenders
Estate Planning

Program Requirements

To qualify for CTO, the head of household must:

Be a participant in the Housing Choice Voucher Program
Be in compliance with program rules
Be a first-time homebuyer or have not owned a home for at least three years
Earn at least $14,500* annually from employment or business
Complete a pre-counseling program

*Seniors and people with disabilities may be exempt from the minimum income requirement and number of years for mortgage assistance.

Find out more

Families with vouchers may find out more about CTO, by attending an information session, held at the CHA’s offices and the offices of community partners. All voucher holders are welcome to attend; registration is not required. Refer to the Special Programs Calendar for a schedule.

Downloads

CTO Brochure
Special Programs Interest Form