The Neighbor Project Closing the Gap Homeownership Grant

What is The Neighbor Project Closing the Gap Homeownership Grant?

The Neighbor Project Closing the Gap Homeownership Grant is a grant for homebuyers in Aurora, Illinois, administered by The Neighbor Project (NeighborWorks chartered member, HUD-approved housing counseling agency) / Community Foundation of the Fox River Valley (fund administrator).

• The Neighbor Project's Closing the Gap grant provides $3,000-$7,000 in down payment assistance for Black/African American and minority homebuyers in the Aurora, Illinois area, administered through the Community Foundation of the Fox River Valley. Grant amount scales with duration of one-on-one HUD-certified counseling. Designed to be bundled with FHLBank DPP and bank partner DPA for total ~$18,000-$24,000. TNP is a NeighborWorks chartered member and 2024 MacKenzie Scott awardee. Prerequisite: complete Homebuyer Education certificate through TNP's HUD-approved program.
• Grant — no repayment required.
• $3,000-$7,000 directly from TNP.
• Bundled DPA package up to $24,000 total.
• HUD-certified counseling included.
• NeighborWorks chartered member.
• Bilingual services available.
• Funding comes from Community Foundation of the Fox River Valley — The Neighbor Project Closing the Gap Fund; private donations; Neighbor Project matching funds; MacKenzie Scott 2024 grant.

How much assistance does it provide?

The Neighbor Project Closing the Gap Homeownership Grant offers between $3,000 and $7,000 in assistance, depending on the award tier a buyer qualifies under.

• Award tiers: $3,000 for 3-9 months counseling; $5,000 for 9-18 months counseling; $7,000 for 18-36 months counseling with TNP counselor.
• Buyer contribution: Breakthrough Rental program provides 12 months of affordable rent savings returned as down payment savings; counseling participation is key requirement.
• The program can be combined with FHLBank Chicago DPP (up to $10,000); bank partner DPA/closing cost grants ($5,000-$7,000); Choose Aurora city DPA; IHDA programs.
• Amounts are the program's published maximums, not an offer — The Neighbor Project (NeighborWorks chartered member, HUD-approved housing counseling agency) / Community Foundation of the Fox River Valley (fund administrator) determines any individual award.

Do you have to pay it back?

The Neighbor Project Closing the Gap Homeownership Grant is structured as a grant, so it is not repaid.

• Repayment is triggered by Grant — no repayment required.
• The assistance is recorded in None (grant, no lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

The Neighbor Project Closing the Gap Homeownership Grant is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

The Neighbor Project Closing the Gap Homeownership Grant limits household income to 80% of the area median income, which varies by county and household size.

• The limit applies to total household income, not only the borrower’s.
• 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?

The Neighbor Project Closing the Gap Homeownership Grant caps the purchase price as follows: Not stated; Aurora area market.

• Eligible property types include single-family, condominium, and townhome.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

The Neighbor Project Closing the Gap Homeownership Grant serves buyers purchasing in Aurora, Illinois.

• The program targets specific areas: Aurora, Illinois (Kane County). Program specifically addresses the Black/White homeownership gap in Aurora.

How do you apply?

Applications for The Neighbor Project Closing the Gap Homeownership Grant go through The Neighbor Project (NeighborWorks chartered member, HUD-approved housing counseling agency) / Community Foundation of the Fox River Valley (fund administrator), 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 The Neighbor Project HUD-approved Housing Counseling and Education program (one-on-one with HUD-certified counselor); Homebuyer Education certificate required to access grant.

2. 2

   Contact The Neighbor Project (NeighborWorks chartered member, HUD-approved housing counseling agency) / Community Foundation of the Fox River Valley (fund administrator) to reserve funds

   Funds are reserved through One-on-one counseling through The Neighbor Project HUD-approved Homebuyer Education program; grant identified and bundled during counseling process, 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.