Post by Logan on Apr 21, 2016 17:44:24 GMT -6
Struggling Illinois homeowners get extra $151 million in federal help
Struggling Illinois homeowners may be able to get help with their mortgages later this year after the federal government awarded the state an extra $151 million to tackle the blight wrought by the Great Recession.
The additional "Hardest Hit" funds allocated to Illinois on Wednesday mean it has received a total of $715 million from the U.S. Treasury, more than any other state except California and Florida.
Homeowners who have fallen behind on their mortgages after suffering from a drop in income will be able to apply in the fall for temporary help from the Illinois Housing Development Authority, which is distributing the funds, said spokeswoman Man Yee Lee.
Federal dollars also will be used to continue the state's blight reduction program, which has so far demolished 455 abandoned homes that were judged to be hurting neighborhoods. Some of the money also will fund 1stHomeIllinois, which provides $7,500 in down payment assistance and access to 30-year fixed-rate mortgages to low-income, first-time homebuyers, veterans and other qualified would-be homeowners in 10 counties, including Cook, Kane, McHenry and Will counties. And funds will help underwater homeowners refinance their homes.
Read more: www.chicagotribune.com/business/ct-federal-housing-money-0421-biz-20160420-story.html
Struggling Illinois homeowners may be able to get help with their mortgages later this year after the federal government awarded the state an extra $151 million to tackle the blight wrought by the Great Recession.
The additional "Hardest Hit" funds allocated to Illinois on Wednesday mean it has received a total of $715 million from the U.S. Treasury, more than any other state except California and Florida.
Homeowners who have fallen behind on their mortgages after suffering from a drop in income will be able to apply in the fall for temporary help from the Illinois Housing Development Authority, which is distributing the funds, said spokeswoman Man Yee Lee.
Federal dollars also will be used to continue the state's blight reduction program, which has so far demolished 455 abandoned homes that were judged to be hurting neighborhoods. Some of the money also will fund 1stHomeIllinois, which provides $7,500 in down payment assistance and access to 30-year fixed-rate mortgages to low-income, first-time homebuyers, veterans and other qualified would-be homeowners in 10 counties, including Cook, Kane, McHenry and Will counties. And funds will help underwater homeowners refinance their homes.
Read more: www.chicagotribune.com/business/ct-federal-housing-money-0421-biz-20160420-story.html