State of Illinois
Department of Human Services
Creating Financial Stability for Illinois Families
Homeownership Initiative
Interested in Purchasing Your First Home?
We can double your savings.
Dear Illinois Residents,
The mission of the Illinois Department of Human Services is to help Illinois residents achieve self-sufficiency, independence and health to the maximum extent possible. The Asset$Illinois Homeownership Initiative provides you with a powerful tool to accomplish this objective. I encourage you to take advantage of this opportunity to build your financial assets, double those assets, and purchase your first home.
Carol L. Adams, Ph.D.,
Secretary
The Asset$Illinois Homeownership Initiative provides Illinois residents with Individual Development Accounts, which are savings accounts that can be matched up to $2,000 for qualified people who wish to purchase their first home.
Your $2,000 Savings
- Our $2,000 in Matching Funds
- $4,000 for Your First Home.
DHS is partnering with the U.S. Department of Health and Human Services and National City Bank to offer moderate-income working people throughout the state an opportunity to save money, build assets, and improve their financial net worth. The Asset$Illinois Homeownership Initiative is part of the larger Asset$Illinois initiative.
How does the Asset$Illinois Homeownership Initiative work?
- Step #1: Learn about the program at www.dhs.state.il.us/assets
- Step #2: Consult the Eligibility Requirements to see if you might qualify.
- Step #3: Complete a Program Application:
- Application
- Savings Agreement
- Copy of Federal Tax Return
- Copy of Credit Report (with Score)
- Step #4: Fax or mail your completed application to DHS to apply.
- Step #5: Open a savings account and set up the required monthly automatic electronic transfer from your savings or checking account (with DHS' assistance).
- Step #6: Save up to $2,000 and every dollar will be matched. You will never lose access to your personal savings, but you will not be able to access your match until you purchase a home.
- Step #7: Complete general financial and homebuyer education offered via the internet or in person.
- Step #8: Withdraw savings and match to pay for down payment or closing costs. Home purchase must occur within 6 to 24 months of your program start date.
Eligibility Requirements
- You are required to have a source of earned income.
- You must live in the State of Illinois at the time of enrollment.
- Your last year's tax forms must show that your earned income did not exceed these amounts:
| Number in Family |
Max Income |
| 1 |
$ 20,799.00 |
| 2 |
$ 27,999.00 |
| 3 |
$ 35,199.00 |
| 4 |
$ 42,399.00 |
Families with 5 or more people should call 866-441-8540 (Voice) or 312-793-2354 (TTY) for eligibility information.
Credit Reports
Participants in the Asset$Illinois Homeownership Initiative will be required to submit a copy of their credit report to determine program eligibility. You can order a copy of your scored credit report for $15 at www.experian.com.
Space is limited and accounts are allocated on a first come/first served basis.
To Apply
Obtain an application at www.dhs.state.il.us/assets or at a DHS Family Community Resource Center or a Rehabilitation Services Local Office
Fax Completed Applications to: 866-441-8539
Or mail them to: Asset$Illinois/Illinois Department of Human Services
401 South Clinton, 7th Floor, Chicago, Illinois 60607
Telephone: 866-441-8540 (Voice) 312-793-2354 (TTY)
Email Questions: dhs.assets@illinois.gov
Double Your Savings Purchase Your First Home
www.dhs.state.il.us/assets
866-441-8540 (Voice)
312-793-2354 (TTY)
866-441-8539 (FAX)
dhs.assets@illinois.gov
Special thanks to the following partners:
Illinois Housing Development Authority
National City Bank
Partnership for Homeownership
The United States Department of Health and Human Services, Administration for Children And Families
Programs, activities and employment opportunities in the Illinois Department of Human Services are open and accessible to any individual or group without regard to age, sex, race, sexual orientation, disability, ethnic origin or religion. The department is an equal opportunity employer and practices affirmative action and reasonable accommodation programs.
DHS 4159 (R-05-08) Asset$Illinois Homeownership Initiative
Printed by the Authority of the State of Illinois.
