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Homebuyer Rehabilitation Assistance Program

The Illinois Housing Development Authority announced the launch of an innovative program that will use 6-point-6 million dollars to help low-to moderate-income families afford homeownership, and return vacant homes to productive use.  The Illinois Homebuyer Rehabilitation Assistance Program will stimulate the reuse of approximately 240 vacant single-family properties in Illinois and enable more working families to take advantage of currently low housing prices.  The program will allocate grant money to 16 public and not-for-profit organizations.  Starting this fall, qualifying low-to moderate-income homebuyers of vacant single-family homes can apply for grants up to 5-thousand dollars to buy, and up to 20-thousand dollars for rehabilitation, repairs and improvements.  Organizations that will make grant money available to homebuyers include the City of Moline and the Rock Island Economic Growth Corporation.  The METEC Housing Counseling Resource Center, with serves Knox and Peoria counties, as well as the Tri-County Opportunities Council, which serves Bureau and Stark counties, will also administer grant money.  Homebuyers must qualify based on income and purchase price limits, and can apply for the loan package through an IHDA lender.  A list of lenders and other information is available at the Illinois Housing Development Authority website.



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