The State of Illinois Offers Many Opportunities for Homebuyers
Whether you're buying a home or already own one, government financial assistance is often appreciated. People with lower incomes may find it difficult to purchase or repair their homes without financial assistance beyond loans. Residents of Illinois have a few options available. Some assistance is offered in the form of grants that can be used for first time home purchases or targeted home improvements.
Illinois Housing Development Authority Grants
Grants can help fund the dream of homeownership by offsetting down payment and closing costs.
Illinois Housing Development Authority Grants is the primary provider of housing grants within the state. Although the grants are issues by the IHDA, they must be applied for through the local Community Housing Development Organizations (ChoDOS). The grants that are available are for amounts of up to $5,000. They are meant to help with down payments or to defray some of the closing costs of the purchase. A list of ChoDOs can be found on the Housing Authority website, along with details about apply for the program. The IHDA also has two other primary programs for home buyers. These are the I-LOAN Mortgage program and the I-LOAN Certificate.
Single Family Rural Housing Grants
There are a few different grant options that are designed specifically for those who live in rural areas of the state. These grants are available through the USDA's program, which is called Home Improvement Repair Loans and Grants. This is primarily a loan program, but grants are available for those with financial need. If improvements must be made to a home for safety reasons or to help accommodate a disability, people over the age of 62 and unable to pay back a loan with 1 percent interest may be eligible for the grant program.
Illinois Home Weatherization Assistance Grants
Weatherization can mean lower utility bills.
This is a program that was put into place to assist people in low income households in paying for home improvements that will reduce their utility costs. Income eligibility is set on a sliding scale according to the size of the household. These grants allow qualified homeowners to undertake home improvements that will significantly reduce heat and energy loss, such as improving insulation in walls and attics, repairing and replacing furnaces, and sealing air leaks. The amount of funding available is based on the type of home, with grants up to $7,500 available in some cases.
Tags: grants available, home improvements, Housing Development, Authority Grants, closing costs, Development Authority
