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Community Development

CHIP Program
Income Guidelines

How To Estimate Your Income


CHIP recipients are required to infuse a minimum of $500.00.

CLOSING COST
Additional closing will only be provided for those applicants that receive less than $14,999; BUT total funding (CHIP funding & closing cost) cannot exceed $14,999. This amount will be added to the CHIP Second mortgages. There are no monthly payments with the second mortgage; and the second mortgage will be forgiven and released by the Unified Government after the completion of the loan agreements have been satisfied.

LOAN TERMS
A second mortgage will be placed on the property in the amount of the total funds the CHIP recipient receives.

The loan terms of CHIP assistance provided will be as follows:

1   HUD MEDIAN INCOME ~ 80% AND BELOW
2   APPLICANTS MUST INFUSE ~ A MINIMUM OF $500.00 20% subsidy
3   LOAN AMOUNT $1,000.00 TO $14,999 ~ LOAN TERM ~ 5 YEARS
4   INTEREST RATE ~ (0%) ~ ZERO PERCENT

Family Size Chip/Home
1   $39,150.00  
2   $44,750.00  
3   $50,350.00  
4   $55,900.00  
5   $60,400.00  
6   $64,850.00  
7   $69,350.00  
8   $73,800.00  
Effective ~ May 1, 2014  
Subject to Change  

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Address Hours Constance Bones Phone Numbers
City Hall 8:00 am to 5:00 pm Program Technician II P: (913) 573-5127
701 N 7th Street Monday - Friday Email F: (913) 573-5115
8th Floor      
Kansas City, KS      
66101      
 

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