Who can buy or rent an NSP home?
There are a few requirements to become an NSP home owner or renter.
First, all potential home buyers must enroll in a minimum of eight hours of home buyer counseling to ensure that they will be fully educated about the home buying process. Darlene Morris(firstname.lastname@example.org), NSP's home buying specialist, will set you up with an excellent counseling and education center.
Second, federal rules dictate that buyers' and renters' annual household income must be at or below 120 percent of the area median income. Your annual gross income, according to federal guidelines for the Chicago area must be within the following limits:
Income Limits for NSP purchase or rental as of March 5, 2015
At or Below 120% AMI
Household of 1: less than $63,840 Household of 5: less than $98,520
Household of 2: less than $ 72,960 Household of 6: less than $105,840
Household of 3: less than $82,080 Household of 7: less than $113,160
Household of 4: less than $91,200 Household of 8; less than $120,480
It is not necessary to be a first-time home buyer to participate in the homebuyer portion of the NSP program. Full guidelines are shown in the Buyer Eligibility NSP Guidelines document found in the "5 steps to purchase a Chicago NSP home".