In January 1994 Seaway Bank and Trust Company established a nonprofit affiliate, the Seaway Community Development Corporation (SCDC), in an ongoing effort to aid homeownership for Chicago’s low- and moderate-income families. The affiliate’s purpose was to help rebuild area neighborhoods by buying and rehabbing distressed property into showpiece homes. The SCDC has invested more than $2 million in the program to date, and to enhance its efforts, it has received several grants, including a $15,000 grant from the Carson Pirie Scott Foundation (1997), a $20,000 grant from the Federal Home Loan Bank (1997) and a $50,000 donation from National Bank of the Great Lakes (2001).
Recognizing that one of the biggest barriers to homeownership was the down payment normally required, Seaway also developed a special mortgage incentive—the 1% Down Mortgage. This program has allowed qualified buyers the opportunity to purchase homes with a minimal one percent down payment and no private mortgage insurance (PMI).
For more information on the SCDC, including available homes, contact Daniel Taylor at (773)602-4861.