Illinois Housing Development Authority Trust Fund Single Family Rehab Program – The Waiting List is closed.
A major concern of Illinois low income homeowners is keeping up with necessary but costly repairs. This new program can help fix their homes by replacing/ repairing costly maintenance items, such as roofing, plumbing, electrical, windows and removing existing health and safety hazards, such as air quality issues, HVAC/carbon monoxide hazards, electrical or fire hazards. To help solve this problem, resources from the Illinois Housing Trust Fund are used to help low-income homeowners afford these expenses. Eligible homeowners will receive up to $40,000 in assistance. Assistance to homeowners is provided in the form of a deferred, forgivable loan at zero percent interest. The loan is forgiven over a five year period.
Basic Eligibility Requirements:
- household income must be at or below 80 percent of the area median income
- participants must occupy the property to be rehabilitated as their principal residence during the recapture period.
- The use of Trust Fund Single Family Rehab funds carries certain restrictions on the use of the assisted property, as well as upon any proceeds realized from the sale of the home during the recapture period. If the homeowner moves out or sells the home before this time period has expired, a portion of the funds may need to be repaid by the homeowner.
Contact us today for more information: 618.965.3193 ask for Michelle or Patricia.