Gov. Pritzker Launches Down Payment Assistance Program for First-Time Homebuyers

CHICAGO – Governor JB Pritzker and the Illinois Housing Development Authority (IHDA) today launched IHDAccess Home (Access Home), a new program offering up to $15,000 in down payment and closing cost assistance for eligible first-time homebuyers statewide. The initiative expands IHDA’s popular Access mortgage suite and is designed to help more working families achieve homeownership amid rising housing costs.

This announcement follows Governor Pritzker’s proposed FY27 Budget, which includes the Building Up Illinois Developments (BUILD) housing initiative, a package of legislative reforms, capital investment, and financial tools designed to make it easier to build new housing and help families afford homes that meet their needs. Initial funding for Access Home uses existing resources, including reallocated funds from prior down payment assistance programs, excess Single-Family indenture liquidity, and bond proceeds from future revenue bonds debt issuances.

“Homeownership is the cornerstone of the American Dream and a vital engine for building generational wealth—but high entry costs have locked too many working families out of the market,” said Governor JB Pritzker. “That is why I have proposed $50 million in BUILD Illinois funds in my FY27 budget specifically for down payment assistance. By pairing those resources with the launch of Access Home, we are tearing down the financial barriers to homeownership and ensuring our residents can put down roots in the communities they love.”

In addition to unlocking existing housing potential in communities across the state by legalizing more diverse types of housing, BUILD will provide $50 million to help IHDA run successful down payment assistance programs that create homeownership opportunities for those traditionally experiencing barriers.

“Homeownership is one of the most powerful tools for securing a long-term future, but for too many Illinois families, it feels increasingly out of reach,” said IHDA Executive Director Kristin Faust. “Through Access Home, we are putting real dollars behind our commitment to affordability, helping first-time buyers overcome the biggest barrier to homeownership: the upfront costs. Even if you aren’t sure if you are ready, reach out to one of our housing partners to see if now is the right time to become a homeowner.”

Access Home combines an affordable 30-year, fixed-rate mortgage with up to $15,000 for down payment and/or closing cost assistance for both current and new-construction homes. In addition to helping with upfront costs, Access Home allows buyers to enter the market sooner and begin building equity earlier. ​ Assistance is provided as a zero-percent interest second mortgage, with repayment deferred for up to 30 years unless the home is sold or refinanced earlier.

Eligibility is based on the borrower’s credit profile, household income, and the purchase price of the home. In addition, potential homebuyers are required to complete pre-purchase homeownership counseling to ensure they are making the best decision for themselves.

In Cook County, the program is available to first-time homebuyers earning up to $137,885, pending household size. Income limits are $126,615 in Winnebago County, $131,905 in Sangamon County, and $128,110 in Madison County. Access Home is offered through a statewide network of more than 160 approved lenders and can be combined with many local assistance programs to maximize affordability.

IHDA continues to be a leading driver of affordable homeownership in the state. Over the past five years, more than 34,000 Illinoisans, roughly 4.4% of all homebuyers in the state, utilized an IHDA Mortgage product. While first-time buyers made up only 21% of the national market last year, they accounted for 87% of IHDA’s borrowers.

Prospective buyers can find a participating lender to learn if now is the right time to become a homeowner at www.ihdamortgage.org.

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