Mayor Jason House recognized the property at 212 E. 141st Place as one of the "most culturally and spiritually significant locations in the United States."
The village purchased the home in the summer just as the house was headed for auction.
The village previously said they bought the home for $375,000.
The Prevost family lived in the home until 1969, the village said.
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"This is a moment that will be remembered for generations," House said. "Dolton is now forever imprinted on the world stage. Preserving Pope Leo XIV's childhood home is not just about honoring history, it's about protecting a symbol of hope, faith, and the extraordinary potential found in everyday American communities."
Now, the village will establish a committee, task force or charitable organization dedicated to handle the finances to maintain the house.
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