Springfield Home Ownership Program (SHOP)

Springfield Home Ownership Program (SHOP) is a forgivable loan for homebuyers in Springfield, Illinois, administered by City of Springfield Office of Planning and Economic Development (OPED). Up to $35,000 in down payment/closing cost assistance. 0% interest deferred loan. Forgiven over 10 years of occupancy. Stackable with IHDA programs. Funding comes from HOME Investment Partnerships Program.

Springfield Home Ownership Program (SHOP) offers between $7,500 and $35,000 in assistance, depending on the award tier a homebuyer qualifies under. Homebuyer contribution: Applicant must contribute a minimum of 1% of the purchase price from own funds. The program can be combined with IHDA programs. Amounts are the program's published maximums, not an offer — City of Springfield Office of Planning and Economic Development (OPED) determines any individual award.

Springfield Home Ownership Program (SHOP) is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, refinance, or transfer of property; failure to maintain owner-occupancy. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Springfield Home Ownership Program (SHOP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Must qualify for a primary mortgage. A homebuyer education course is required, through HUD-approved housing counseling agency. Residency requirement: Must purchase within Springfield city limits. Must be first-time homebuyer (no homeownership in past 3 years). Home must be within Springfield, IL city limits. Income limits effective June 1, 2025. [orig: assistance_amount: $7,500–$35,000; dpa_interest_rate: 0%].

Springfield Home Ownership Program (SHOP) limits household income to 80% of the area median income, which varies by county and household size. Household income cannot exceed 80% of HUD Area Median Income. As of June 1, 2025: 1-person $67,000; 2-person $76,500; 3-person $86,050; 4-person $95,550; 5-person $103,250; 6-person $110,900; 7-person $118,550; 8-person $126,300. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Springfield Home Ownership Program (SHOP) caps the purchase price as follows: Home must be within Springfield city limits; standard HOME purchase price limits apply. New construction is eligible. Manufactured homes are not eligible.

Springfield Home Ownership Program (SHOP) serves homebuyers purchasing in Springfield, Illinois.

Applications for Springfield Home Ownership Program (SHOP) go through City of Springfield Office of Planning and Economic Development (OPED), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.