CHICAGO, Ill. (WIFR) – The Illinois Housing Development Authority (IHDA) on Wednesday announced an emergency program for homeowners affected by the pandemic.
The Illinois Emergency Homeowner Assistance Fund (ILHAF) program will provide up to $ 30,000 in assistance per year. homeowner to limit mortgage delays, defaults and foreclosures. The goal of the program is to help Illinois families while regaining financial stability.
IDHS will begin accepting applications for the program in April. Information can be found on IDH’s website here.
Funds from the program will be paid directly to the service provider, IRS, or other approved entity on behalf of Illinois homeowners.
“I urge homeowners on the back of their mortgages to take the necessary steps to ensure they are eligible to apply for assistance through ILHAF,” said State Representative Lindsey LaPointe (D-Chicago). “Attend an information session or contact a consulting firm on the IHDA’s website to educate yourself about the program so you are ready to apply when the portal is open.”
The U.S. Treasury Department is demanding that this assistance be used as a “last resort,” meaning that struggling homeowners are federally required to look for other relief options before they are eligible to apply for assistance through ILHAF.
To qualify, applicants must have experienced a financial hardship due to the COVID-19 pandemic after January 21, 2020 (including a trial that began before January 21, 2020, but continued after that date). They must also currently own and occupy their home in Illinois as their primary residence, be at least 30 days late with their monthly housing payments, and have a household income at or below 150% of the area’s median income.
“After allocating over a billion dollars to help tenants and landlords avoid eviction and foreclosure, it’s now time to help Illinois homeowners and their neighborhoods recover from the pandemic,” said IHDA CEO Kristin Faust. “I HOver the past decade, DA has documented providing assistance to homeowners struggling to pay their housing expenses amid economic strife. “
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