Federal Grants to Help IL Homeowners Afford Critical Repairs

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$6.1 million in grants to stimulate economic activity

CHICAGO – January 22, 2014 – (RealEstateRama) — A new round of $6.1 million in federal funds will help low-income homeowners, including seniors and persons with disabilities, afford the necessary repairs to stay in their homes. The Illinois Housing Development Authority (IHDA) today announced the Single-Family Owner-Occupied Rehabilitation (SFOOR) program will ensure 148 homeowners can keep up with necessary but costly repairs – and will keep communities strong by stabilizing neighborhoods and creating local economic activity.

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On behalf of Governor Pat Quinn, IHDA will allocate the federal HOME Investment Partnerships Program (HOME) grant money to 31 public and not-for-profit organizations. Work may include roof repairs, siding, plumbing and heating system upgrades, or window or electrical wiring replacements. Statewide, the work will generate an estimated 45 jobs, $4 million in income and wages for local businesses and $338,600 in local taxes.

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“Governor Quinn’s administration is focused on strategies that help keep homeowners in their homes and keep communities intact,” IHDA Executive Director Mary R. Kenney said. “Reinvestment in these homes will help alleviate the financial burden of home maintenance, increase energy efficiency, improve the overall housing stock and create economic activity in communities across the state.”

With the recent approval of the IHDA board, the program will be available to homeowners in May.

Homeowners can apply to the sponsors for forgivable loans of up to $40,000, based on the amount of rehabilitation needed. For expenses up to $14,999, the loan will be forgiven over five years; and loans between $15,000 and $40,000 are forgiven over 10 years. If a homeowner sells their home before the loan expires, they must repay the remaining balance of the loan.

Eligibility Requirements Include:

• Household income must be at or below 80 percent of the area median income (Four-person household: $57,900 in Chicago area; $50,950 in Peoria; $53,700 in Metro East, and; $50,250 in Rock Island)
• Homeowners must continue to occupy the property to be rehabilitated as their principal residence

More information will be available at www.ihda.org, and through the agencies and organizations offering the grant assistance.

The following organizations will make the grant money available to homebuyers in May:

Chicago Suburbs
Area Served
Homebuyers
Funds Allocated
Contact
Community Contacts, Inc.
Kendall and DeKalb Counties
8
$330,000
(847) 697-8800
City of Kankakee
City of Kankakee
5
$168,000
(815) 933-0506
TOTAL
13
$498,000
 
 
Metro East
Area Served
Homebuyers
Funds Allocated
Contact
BCMW Community Services
Bond, Clinton, Marion and Washington Counties
8
$330,000
(618) 526-7123
City of Mount Olive
City of Mount Olive
3
$126,000
(217) 299-1575
Village of Brighton
Village of Brighton
3
$126,000
(217) 299-1575
Village of White City
Village of White City
3
$126,000
(217) 299-1575
TOTAL
25
$1,038,000
 
 

 

Rockford Area
Area Served
Homebuyers
Funds Allocated
Contact
City of Freeport
City of Freeport
4
$168,000
(815) 235-8200
City of South Beloit
City of South Beloit
4
$168,000
(815) 636-9590
Northwestern Illinois Community Action Agency
Jo Daviess and Stephenson Counties
6
$250,000
(815) 232-3141
Village of Machesney Park
Village of Machesney Park
4
$168,000
(815) 636-9590
TOTAL
18
$754,000
 
 

 

Quad Cities
Area Served
Homebuyers
Funds Allocated
Contact
City of Moline and East Moline
City of Moline and East Moline
4
$168,000
(309) 524-2034
City of Abington
City of Abington
4
$168,000
(309) 837-3941
Tri-County Opportunities Council
Bureau, Carroll, LaSalle, Lee, Marshall, Ogle, Putnam, Stark and Whiteside Counties
6
$250,000
(815) 625-7830
Project NOW
Rock Island, Mercer and Henry Counties
8
$330,000
(309) 793-6391
Rock Island Economic Growth Corp.
Rock Island
6
$250,000
(309) 788-6311
City of Rock Falls
City of Rock Falls
6
$250,000
(815) 564-1366
TOTAL
34
$1,416,000
 
                     
 
                  

 

Peoria
Area Served
Homebuyers
Funds Allocated
Contact
City of Havana
City of Havana
4
$168,000
(309) 837-3941
Peoria Citizens Committee for Economic Opportunity, Inc.
Peoria County
6
$250,000
(309) 671-3900
TOTAL
10
$418,000
 
 
Central
Area Served
Homebuyers
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