State Awards $15.4M to Help Homeowners, Landlords Afford Home Repairs
Two programs serve low-income residents, create jobs
CHICAGO, IL – February 11, 2010 – (RealEstateRama) — A new round of $15.4 million in federal affordable housing funds will help low-income residents, including seniors and persons with disabilities, and landlords rehabilitate more than 420 homes across the state, the Illinois Housing Development Authority (IHDA) announced today.
Under the administration of Governor Pat Quinn, IHDA allocated the federal HOME funds to 36 municipalities and not-for-profit groups for two programs that offer forgivable loans to property owners. Under the Single Family Owner-Occupied Rehabilitation (SFOOR) and Small Rental Properties Program (SRPP), IHDA is working to preserve and improve affordable housing by creating financial assistance to enable needed repairs. An estimated 164 jobs will be created as a result of the repair work, which can include roof, electrical and heating repairs.
“With the help of this federal funding, we are helping homeowners and landlords afford much-needed repairs and improvements to ensure costly rehabilitation projects can be made without breaking the bank,” said Gloria L. Materre, IHDA Executive Director. “These programs also will create more job opportunities for residents of the communities that will be served.”
HOME Single Family Owner-Occupied Rehabilitation Program
Under the Single Family Owner-Occupied Rehabilitation Program (SFOOR), 35 sponsoring groups will receive nearly $14 million in federal HOME funds to assist in the repair and upgrade of 338 single-family homes. Homeowners apply to the sponsors to receive 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 a portion of the loan remaining from the sale of the house. Households must be at or below 80 percent of the area median income.
HOME Small Rental Properties Program
The Small Rental Properties Program (SRPP) awarded nearly $1.4 million to five communities – four of which also received SFOOR funds – to help landlords repair their rental properties of no more than 11 units. Eligible applicants can apply for between $2,000 and $14,999 per unit. Property owners also must finance at least 25 percent toward the rehabilitation. Rental units must meet IHDA property standards, and serve people who earn less than or equal to 60 percent of the area median income. Property owners must adhere to rent and income limits for at least five years. Each sponsor will manage the application and approval process.
| Sponsor | Area served | Grant amount | Homes served |
| Tri-County Opportunities Council | Bureau, Carroll, Ogle, Whiteside, Lee, LaSalle, Putnam, Marshall and Stark counties | $421,000 | 10 |
| Village of Machesney Park | Village of Machesney Park | $601,000 | 18 |
| Rock Island Economic Growth Corp. | City of Rock Island | $821,000 | 20 |
| Western Egyptian Economic Opportunity Council | Monroe, Perry, Randolph and Jackson counties | $570,248 | 14 |
| Western Illinois Regional Council | Hancock, McDonough and Warren counties | $821,000 | 20 |
| B.C.M.W. Community Services | Bond, Clinton, Marion and Washington counties | $821,000 | 20 |
| Coles County | Coles County | $243,600 | 6 |
| Project NOW, Inc. | Rock Island, Henry, and Mercer | $501,000 | 12 |
| C.E.F.S. Economic Opportunity Corp. | Christian, Clay, Effingham, Fayette, Montgomery, Moultrie and Shelby counties | $332,800 | 7 |
| City of Canton | City of Canton | $501,000 | 12 |
| City of Charleston | City of Charleston | $337,000 | 8 |
| City of Mattoon | City of Mattoon | $337,000 | 8 |
| Community Contacts, Inc. | DeKalb County | $581,000 | 14 |
| Peoria Citizens Committee for Economic Opportunity, Inc. | Peoria County | $581,000 | 14 |
| Wabash Area Development, Inc. | Edwards and Hamilton counties | $581,000 | 14 |
| City of Greenville | City of Greenville | $211,000 | 5 |
| City of Quincy (Small Rental Properties Program) | City of Quincy | $314,979 | 20 |
| City of Quincy (SFOOR) | City of Quincy | $379,000 | 9 |
| City of Carbondale | City of Carbondale | $379,000 | 9 |
| City of Freeport (Small Rental Properties Program) | City of Freeport | $314,979 | 20 |
| City of Freeport (SFOOR) | City of Freeport | $379,000 | 9 |
| City of Rock Falls (Small Rental Properties Program) | City of Rock Falls | $125,991 | 8 |
| City of Rock Falls (SFOOR) | City of Rock Falls | $379,000 | 9 |
| City of Kankakee | City of Kankakee | $379,000 | 9 |
| City of Bloomington | City of Bloomington | $378,000 | 9 |
| Northwestern Illinois Community Action Agency | Jo Daviess and Stephenson counties | $379,000 | 9 |
| Village of Brighton | Village of Brighton | $211,000 | 5 |
| Village of DeSoto | Village of DeSoto | $253,000 | 6 |
| City of West Frankfort | City of West Frankfort | $253,000 | 6 |
| City of Carterville | City of Carterville | $253,000 | 6 |
| Two Rivers Regional Council of Public Officials | Adams, Schuyler, Brown and Pike counties | $379,000 | 9 |
| Village of West City | Village of West City | $253,000 | 6 |
| City of Christopher | City of Christopher | $253,000 | 6 |
| Village of Bush | Village of Bush | $253,000 | 6 |
| City of Mount Olive | City of Mount Olive | $211,000 | 5 |
| City of Moline (Small Rental Properties Program) | City of Moline | $314,979 | 20 |
| City of Moline (SFOOR) | City of Moline | $253,000 | 6 |
| Embarras River Basin Agency, Inc. | Crawford and Jasper counties | $253,000 | 6 |
| City of Pekin | City of Pekin | $253,000 | 6 |
| City of Herrin (Small Rental Properties Program) | City of Herrin | $314,979 | 20 |
| TOTAL | $15,377,555 | 426 |
About the Illinois Housing Development Authority
IHDA (www.ihda.org) is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation in 1967, IHDA has allocated more than $10 billion and financed approximately 210,000 affordable units across the state. IHDA accomplishes its mission through a number of federal and state funding sources including the Illinois Affordable Housing Trust Fund, the Illinois Affordable Housing Tax Credits Fund, the allocation of federal Low Income Housing Tax Credits, and HOME Investment Partnership funds. IHDA is also a bonding authority, and independently sells bonds, based on its own good credit, to finance affordable housing in Illinois.
