For years, Donna Johnson felt like homeownership was out of reach.
So when she heard of a program through Self-Help Federal Credit Union that offered appraisal gap and down payment assistance for new modular homes in Roseland, she thought it was too good to be true.
“I did my research, and then when I went to the home opening sometime last year, I said, ‘These are fantastic, and this would be perfect to build up our area,’” Johnson said.
Now, Johnson and her husband are the proud owners of a modular home in Roseland. She loves having a private garage and a fenced-in yard, after renting a townhome for nearly 25 years in Pullman.
“The thought of moving was a little scary because you get used to being in the same place, but this was just not something that we could pass up,” Johnson said. “It’s quiet over here. I have some friends. I can literally see their home through an empty lot that they’re about to put houses on.”
Self-Help, a community development financial institution, helped the couple obtain a mortgage below market rate, making the purchase much more affordable. Johnson said they paid less than $200,000 for the property.
Fueling the mortgage loan assistance for the Johnsons and other families is $10 million in funding from Chicago-based Builders Vision. Founded by Lukas Walton, the grandson of Walmart founder Sam Walton, the firm uses a mix of philanthropic and investment tools to help solve societal and environmental challenges.
The $10 million is being used to provide mortgage loans and small business grants for those in Chatham, North Lawndale and Roseland, where Self-Help operates branches.
The money was given last year and because it’s part of a general fund, Self-Help said there’s no way to determine how much has been dispersed. But overall, Self-Help has provided 16 mortgage loans totaling $3.28 million, since the funding was received. It’s also provided 328 consumer loans, including personal, auto and credit building loans, totaling about $3.5 million across three branches.
The credit union is also a lender for Reclaiming Chicago, a community-led campaign to build 2,000 homes on the South and West sides.
Those interested in buying a home through the Reclaiming Chicago Initiative with assistance from Self-Help can contact Reclaiming Chicago at 773-719-6292.
There’s a great deal of overlap between those buying a new construction home from Reclaiming Chicago and those seeking a mortgage loan, according to Self-Help’s Kimberly Jones, who directs partnerships and community engagement.
Construction started on another batch of homes in Roseland earlier this month, and Self-Help anticipates using its remaining funds even quicker, according to Danny Martinez, director of mortgage origination for Self-Help.
“We heard the needs of the community, and we developed a strategy to see how could Self-Help get involved,” he said. “We’re currently working with the communities, trying to get as many borrowers into the homes as possible to rebuild these communities.”
Martinez said the credit union has been able to offer potential homeowners lower interest rates, often around 5%-6%.
The average rate on a 30-year mortgage this week was 6.58%, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.46%. For much of 2025, the rate has stayed close to its mid-January record of just about 7%.
“We have more people interested in homes than are being built right now,” he said. “That’s a good issue to have because we work with some borrowers and they’re mortgage ready. … Other borrowers we speak to sometime need a little bit of guidance to get them to the finish line.”
Builders Vision has invested more than $140 million in grants across the city to date. It previously invested in Self-Help with a multi-million grant targeting restaurateurs impacted by the COVID-19 pandemic.
Laura Gutierrez, program officer for Builders Vision, said the deposit aligns with Builders Vision’s mission of promoting resiliency. Homeownership is often a key tool for building generational wealth.
“What we really want to demonstrate is that this is how everyone thrives,” Gutierrez said. “Communities can thrive if they have these types of local institutions in their areas that can provide for small businesses, and more mortgages at better rates.”