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Community Housing Investment Program (CHIP)
Kansas Department of Commerce & Housing

Program Overview

Community Housing Investment Program (CHIP) is a program makes homeownership in Wyandotte County more affordable by providing up to $19,000 in a forgivable loan which reduces the principal loan amount. Wyandotte, Kansas.

Who is eligible for this program?

Individuals who earn 0-50% of the HUD Median Income, the deferred loan is equal to 20% of the sales price. Individuals who earn 51-80% of HUD Median Income, the deferred loan is equal to 10% of the sales price. Maximum loan amount for all borrowers is $19,000. HUD Median Income Limits: 80 Is this program for first time buyers only? Yes

Property Eligibility Requirements

For property located in designated target areas, the Unified Government will determine the loan amount according to the participant's median income level. For projects in approved Development areas, CHIP subsidy is 20 percent of sale price for all eligible buyers. The sales price cannot exceed $ $204,250 Basic CHIP (10% or 20% forgivable loan is based on purchase price of $95,000. 20% deffered loan is based on purchase price of $108,300..

Benefit Details

The loan will be forgiven based on the below-mentioned terms of the mortgage with the following conditions. 1) The property owner must remain in good standing on the first mortgage 2) The property owner must remain current on all property taxes 3) The property owner must have no property code violations during the mortgage term. For loan amounts $1,000.00 to $4,999.00 loan will be forgiven in 5 years. For loan amounts $5,000.00 to $9,999.00 loan will be forgiven in 7 years. For loan amounts $10,000-19,000 the loan will be forgiven in 10 years. Benefit: The forgivable loan is used to reduce the principal loan amount, thus making homeownership more affordable. Loan Term: 5 & 10 years years Homebuyer Counseling / Education Required: YES Owner Occupancy Required: Yes Other Program Comments: Those purchasing a newly-developed property in the inner-city new development are not limited to first-time homebuyers. All homes purchased through the CHIP program must pass the Housing Quality Standard Inspection that includes health and safety. If a home needs additional repairs to bring it in compliance with requirements, a customer can contact one of the area financial institutions participating in the CHIP program regarding a rehabilitation loan in conjunction with the first mortgage (Purchase rehab). The buyer can also request that the seller make the repairs prior to the closing on the property.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.