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.

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

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.

The Neighbor Project Closing the Gap Homeownership Grant is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Program targets renters working toward first homeownership. On credit, the program states: Credit improvement is part of TNP counseling process; no stated minimum to begin counseling. Lender requirements apply for first mortgage. A homebuyer education course is required, 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. Residency requirement: Aurora, Illinois area (Kane County); program addresses Aurora community racial homeownership gap. Must self-identify as Black/African American or minority homebuyer. Must complete Homebuyer Education certificate through The Neighbor Project HUD-approved program. Grant amount determined by length of counseling relationship. Successor org formed by merger of Joseph Corporation and Emmanuel House. Separate from Choose Aurora city DPA program.

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.

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.

The Neighbor Project Closing the Gap Homeownership Grant serves homebuyers purchasing in Aurora, Illinois. The program targets specific areas: Aurora, Illinois (Kane County). Program specifically addresses the Black/White homeownership gap in Aurora.

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