Aggressive pricing, special grants, a low-down payment and FHA-insured financing make home ownership an affordable reality at Lake Park Crescent, a new lakefront residential community in the North Kenwood-Oakland neighborhood on the Near South Side.

“We recently reduced the price of 1-bedroom condominiums to as low as $169,800, down from nearly $220,000, and 3-bedroom condominiums to as low as $309,800, down from nearly $500,000,” said Gordon Ziegenhagen, project manager at Lake Park Crescent.

“However, buyers have a limited window between now and April 30th to take advantage of up to $28,000 in grants, tax credits and closing-cost bonuses on these immediate-occupancy homes,” said Robbi Davis, sales manager for the community developed by Draper and Kramer Incorporated. “This is a great opportunity for affordable living on Chicago’s lakefront.”

For a limited time, first-time buyers with good credit can purchase a 1-bedroom simplex City Home at Lake Park Crescent with $1,000 down and finance the purchase with a Federal Housing Administration-insured mortgage and a monthly payment as low as $1,147. The down payment on a 3-bedroom duplex City Home residences financed with a FHA mortgage is $2,000 and the monthly payment is as low as $2,107.

“The out-of-pocket cash required to buy is extremely low because of the downpayment assistance grant, provided by the non-profit Partnership for New Communities, and a special developer closing-cost grant,” Ziegenhagen explained. “But grant money is rapidly running out and FHA rule changes take effect April 30th, which will effectively require a much higher down payment.”

In addition, first-time buyers who purchase before April 30th and close by June 30th also will qualify for the $8,000 federal tax credit.

The City Homes at Lake Park Crescent feature open floor plans, a chef’s kitchen with granite countertops and stainless-steel appliances, designer cabinetry, hardwood floors in main living areas and wall-to-wall carpeting in bedrooms. Master baths feature marble counters and flooring. Washer and dryer hookups are standard.

The condominiums have 1-car garage parking, plus a tandem outdoor parking space. A deck or patio and private yard are also included.

Four immediate-occupancy terrace penthouse condominium units also are available in six-flat buildings at Lake Park Crescent, Davis said.

The 2-bedroom-plus-den penthouses range in price from $449,000 to $478,000. Three-bedroom-plus-den penthouses are priced from $525,000 to $533,000. These units, formerly priced up to $630,000, each feature a dramatic 400- square-foot terrace with sweeping lake and downtown views.

Ten single-family Row Homes are available for immediate occupancy at Lake Park Crescent. The tri-level row homes feature 4 bedrooms, 3.5 baths and 2,714 to 2,794 square feet of living area. Prices now range from $559,000 to $666,000, down from nearly $800,000.

The homes of Lake Park Crescent are centrally located with access to a new 2.8- acre park and will benefit from the upcoming installation of an architecturally significant pedestrian bridge linking the community with the lakefront’s Burnham Park.

Lake Park Crescent, winner of a prestigious American Institute of Architects design award, is located in the revitalized North Kenwood-Oakland neighborhood, nestled between Lake Park and Oakenwald avenues and stretching between 40th and 42nd streets.

The Lake Park Crescent sales center at 4060 S. Oakenwald Ave. is open Saturday, Sunday and Monday from noon to 4 p.m. For more information call 773-268-0400, or visit: www.LakeParkCrescent.com.