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Chicago Builders to Renovate Home for HUD’s Homewise Program

The Remodelors™ Council of the Home Builders Association of Greater Chicago (HBAGC) earlier this month announced plans to participate in the renovation of a house in the Department of Housing and Urban Development's Homewise initiative, a national pilot program designed to encourage counseling for prospective home buyers.

“We are dedicated to making this renovation a reality,” said Dan Griffin, president of the HBAGC’s Remodelors™ Council. “Our council members believe the Homewise program presents an effective educational opportunity that can eventually lead many lower-income families to homeownership.” 

Members of the council will donate time, money, labor and products to the renovation of the home, which is located at 1418 W. 77th Street in Chicago. In-kind donations from project partners also will be used in the renovation.

Once restored, the house will be sold at 50% of its value to a randomly selected family that is buying its first home, has completed an approved housing counseling course and whose income does not exceed $55,680.

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HUD is encouraging counseling to help households buy a home and keep it during difficult times. Educated buyers are also less likely to be victimized by predatory lenders, HUD says.

During the national rollout of Homewise, homes are being renovated in 10 cities around the country.

Griffin said that his council hopes to complete renovations to the Chicago house by early October.

Partners with HUD in the Homewise program include NAHB and its affiliated local associations and councils; the National Housing Endowment, the philanthropic arm of NAHB; Wells Fargo Home Mortgage; Fannie Mae; and Freddie Mac.

For more information on the Chicago project, e-mail Julia Roberts at the Home Builders Association of Greater Chicago, or call her at 630-627-7575.

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