Springfield Home Ownership Program (SHOP)

What is 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.

How much assistance does it provide?

Springfield Home Ownership Program (SHOP) offers between $7,500 and $35,000 in assistance, depending on the award tier a buyer qualifies under.

• Buyer 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.

Do you have to pay it back?

Springfield Home Ownership Program (SHOP) is forgiven after 10 years, so a buyer 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.

Who qualifies?

Springfield Home Ownership Program (SHOP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agency.

2. 2

   Contact City of Springfield Office of Planning and Economic Development (OPED) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.