Gov. J.B. Pritzker (D-IL) | Facebook/Governor JB Pritzker
Gov. J.B. Pritzker (D-IL) | Facebook/Governor JB Pritzker
Illinois Gov. JB Pritzker has announced plans to invest $15 million into a new homebuyer program designed to increase home purchase accessibility for low-and moderate-income people and seniors.
Funds from the Illinois HFAI are expected to assist more than 1,500 new homebuyers. According to a story by WAND, the Illinois Housing Development Authority provides up to $10,000 for down payment and/or closing cost assistance to those deemed to be eligible.
“Every individual, family and senior in Illinois deserves to have a stable and safe home,” Pritzker said in a statement on June 8. “That’s why my administration is ensuring that homeownership is accessible and attainable for every resident. Through Illinois HFA1, we’ll be able to support a new generation of homebuyers and set them up for long-term financial success.”
Under Illinois HFA1 The Illinois Housing Development Authority will provide a 30-year first mortgage with a fixed interest rate, as well as $10,000 in down payment and/or closing cost assistance, WAND reported. The down payment aid is being offered as a sort of interest-free second mortgage, with payments deferred for 30-years, meaning funds don't have to be repaid until the mortgage is fulfilled.
The HFA1 program is also open to buyers around the state and can be used in conjunction with other down payment assistance programs for individuals seeking to a home purchase, the story stated.
Pritzker's supporters argue that such bailout measures for home buyers are necessary in the current economy.
“A large hurdle to buying a home is saving enough money for a down payment, which has become more difficult with home values increasing, rising interest rates, and other obligations such as taking care of a family,” IHDA Executive Director Kristin Faust told WAND. “If you have been on the fence about buying a home, don’t hesitate and reach out to one of our lenders today to discuss your options. You may be surprised how much you can save today and finally have the opportunity to put down roots in a community and build household wealth.”
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