Purchasing a home, navigating the loan process and finding the best mortgage rate can be stressful. But a local organization is working to bridge the gap and help people buy affordable homes in North Chicago.

It was an incredible moment of joy and excitement for Steven Wells and Tanais Valdillez when they were recently welcomed to their new home with cheers.

“I feel like we are breaking generational curses,” said Wells, a first-time homebuyer. “Like, my mom doesn’t even own a home.”

Wells recalled receiving a phone call from the nonprofit ReNew Communities that changed the couple’s lives.

“I was in California visiting family,” Wells said, “and they (ReNew) were like … ‘Congratulations, you guys got approved for the program. And even better news: We have a home ready for you right in time for your wedding.’ And I’m like, wow.”

ReNew Communities is rehabbing and building new homes in North Chicago. Tom Corning oversees the design and construction of what the organization calls “Matthew Homes,” referencing a passage in the Bible.

North Chicago has long struggled with low homeownership rates. According to ReNew, only 33% of residents in the suburb own a home.

For Wells and Valdillez, purchasing their first piece of property is an opportunity.

“A lot of us are not prepared for all the money that it takes to save up for a downpayment, to save up for paying all the different fees that you have to pay,” Valdillez said. “We’re planning a wedding so that takes money, too. … It was definitely a blessing to be able to have a home.”

ReNew Communities partners with subcontractors and volunteers to build the homes; a “Matthew Home” is sold for anywhere from $175,000 to $250,000. The nonprofit selects a family to help through the buying process and closing fees. Then Transform Capital comes in to assist with a mortgage rate.

“Transform Capital saw that it’s very difficult for some of their clients to access financing and attractive rates for a whole host of reasons that continue to this day,” said Paul Hawkinson of Transform Capital. “… We take donated capital, we turn it into below-market mortgages, and then lending is just a reason to be in a relationship with families, and so we walk alongside them and as they pay the loan, it creates recyclable capital that serves another family.”

ReNew Communities is on a mission to build 300 homes. Longtime North Chicago resident Cheryl Dunlap said it’s a chance for families to build generational wealth while contributing to the area’s overall development.

“Any family that is within this program has resources,” Dunlap said. “ReNew is a resource. The other Matthew Home family owners are resources, as well as the volunteers.”

Wells and Valdillez are now living in the nonprofit’s 17th home. They said they’re excited to continue to build their roots in the neighborhood.

Stories about Chicago homeownership are supported by funding from The Chicago Community Trust.