Lawmakers know that many of their constituents are struggling to make ends meet. That why many state governments throughout the country, including the Illinois state government, have set aside funding to help individuals purchases new homes and repair damaged properties. Legislators are also making these funds available to landlords who rent to low-income families. Whether you're a homeowner looking for down-payment assistance or a landlord looking to upgrade your rental units, there's likely an Illinois housing grant that will work for you.
HOME Single Family Owner-Occupied Rehabilitation Program
According to the IHDA, the Single Family Owner-Occupied Rehabilitation (SFOOR) program provides 35 statewide community housing development organizations with funds to assist in the repair and upgrade of 338 single-family homes. Homeowners must apply with their local housing development organization to be eligible for a forgivable loan of up to $40,000 (based on the amount of rehabilitation needed).
Illinois Housing Development Authority
401 North Michigan Avenue, Suite 700
Chicago, Illinois 60611
(312) 836-5200
ihda.org
HOME Small Rental Properties Program (SRPP)
The IHDA also supports the Small Rental Properties Program (SRPP). This grant program provides funding to help landlords repair rental properties (11 units or fewer). Aimed at landlords renting to low-income tenants, this program allows applicants to apply for between $2,000 and $14,999 per unit. Property owners also must finance at least 25 percent of the total cost of the rehabilitation.
Illinois Housing Development Authority
401 North Michigan Avenue, Suite 700
Chicago, Illinois 60611
(312) 836-5200
ihda.org
Illinois First Time Home Buyer Grant Program
The Illinois Housing Development Authority offers the First Time Home Buyer grant program. "Low-income" families can receive a grant of up to $3,000 to help with the down payment and closing costs; those who are classified as having "very low income" can receive a grant of up to $5,000. According to the U.S. Department of Agriculture (USDA), "very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI."
Illinois Housing Development Authority
401 North Michigan Avenue, Suite 700
Chicago, Illinois 60611
(312) 836-5200
ihda.org
The Housing Preservation Grant (HPG) Program
According to the U.S. Department of Agriculture, the Housing Preservation Grant (HPG) program allows individuals to rehabilitate single-family housing, rental properties or co-ops owned and/or occupied by very low- and low-income rural individuals. The Housing Preservation Grant is open to residents in all 50 states, including Illinois. The USDA's HPG home page states that financial assistance may come in the form of a grant, loan, interest reduction on commercial loans, or other comparable assistance.
Housing and Community Facilities Programs National Office
U.S. Department of Agriculture
Room 5014, South Building
14th Street and Independence Avenue, S.W.
Washington, D.C. 20250
(202) 720-9619
http://www.rurdev.usda.gov/RHS/
Tags: Development Authority, Housing Development Authority, Illinois Housing, Illinois Housing Development, 60611 836-5200
