Secretary Martinez Helps to Launch New Chicago Homeownership Program

HUD Secretary Mel Martinez, Freddie Mac Chairman/CEO Leland Brendsel and others.

HUD Secretary Mel Martinez visited Chicago's Pilsen neighborhood on June 19th to celebrate National Homeownership Month and the launching of a new local public-private partnership that will help low-income families achieve the homeownership dream.

The Secretary is joined by Freddie Mac Chairman/CEO Leland Brendsel and others, in the presentation of a "welcome mat" to Crystal Mack, who represented all of the potential homeowners using the "Choose to Own" program.

Through the "Choose to Own" program, Chicago Housing Authority families assisted under the Housing Choice Voucher program administered by CHAC will use their Section 8 rent subsidy to cover mortgage payments.

The Spanish Coalition for Housing, Neighborhood Housing Services of Chicago, the Latinos United Community Housing Association and the Rogers Park Community Development Corporation are providing the borrower counseling.

Harris Bank, Mid-America Bank, Citibank and ShoreBank have committed to make conventional, 30-year fixed rate mortgage loans to qualified families.

Freddie Mac and Fannie Mae have agreed to purchase the mortgages, ensuring a constant flow of mortgage credit that will help additional families become homeowners.